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Fed Impacts the US Dollar Index and Crude Oil

Gordon Kristopher
Fed Impacts the US Dollar Index and Crude Oil

The US Dollar Index rose ~0.45% to ~94.95 on July 17. The index rose due to bullish comments from Fed Chair Jerome Powell about strong US economic growth. Active August WTI oil futures rose 0.03% to $68.08 per barrel on July 17. The appreciating US Dollar Index and the bearish drivers we discussed in Part 2 of this series might have limited the upside for oil prices.