Is there any dependence of USD on the oil prices? If so, then what is it, and what about EUR and other majors?
The following two articles give contradictory statements:
Arctile 1: "When oil moves up, the dollar declines and vice versa."
Article 2: “Similarly, as the majority of world oil trade is done in US Dollars, so when the oil prices move higher, the Dollar also [I]strengthens[/I], thus affecting the Euro to decline.”
Historically the USD has been one of the main factors in determining oil prices, atleast pre Euro. If you are looking for a better understanding of how oil price affects the value of the USD, I would look more to the USD/CAD for that answer and make you determination. Ofcourse, there will be many who disagree just for the sake of disagreeing, but, in my opinion, that would be your best checkpoint for determining how Oil prices affect the value of the USD.
Good Pippin,
Chubs