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CNBC News Associate
The dollar rose on Monday, but will the surge continue? Brian Dolan, chief currency strategist of Forex.com, and Evaristo Stanziale, senior VP of SCS Commodities, discussed their outlook on currencies and commodities.
Dolan said the dollar’s gains are sustainable, saying the greenback is recovering from previous fundamental doubts about the U.S. credit rating and America's ability to fund deficits.
“Those fears are overblown,” he told CNBC. “We’ve got a few comments from various foreign officials all suggesting that the U.S. dollar is going to remain the primary global reserve currency.”
Dolan said the dollar rebound would keep commodity prices under pressure.
However, Stanziale said he expects the dollar to weaken, and as a result, offer strength to crude oil. He expects crude oil [US@CL.1
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“All commodity [prices] are based off the dollar, so the dollar is very important to where commodities are going to go in general,” he said. “I believe that demand will stay in check and the key issue here is the dollar.”
Disclosure:
No immediate information was available for Dolan or Stanziale.
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Other Major Currencies:
Euro [$$EURUSD
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Pound [$$GBPUSD
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Chinese Yuan [$$CNYUSD
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Data is a real-time snapshot *Data is delayed at least 15 minutes