U.S Dollar Irons Sharp Weekly Decline

The U.S dollar depreciated 3% this week against global currencies signaling further collapse for the "greenback". Crude rose 5.4% this week for the 3rd consecutive weekly gain. A weaker dollar stimulates a buying frenzy for commodity due to it being priced globally in dollars. Nations and organizations such as BRICs are ramping up efforts to price Crude in their country’s currency in order to offset a "Dollar Dominant Commodity".

We could see further depreciation around $98ish levels. Further selling off of the "greenback" could issue a breakout towards $96ish levels before the year is out. Let's see how the 🎲 roll.