The dollar's strength has led to a fall in international oil prices

International oil prices fell for the sixth consecutive trading day on 9th, closing at $70.67 a barrel, the lowest in two months. Six trading days the cumulative decline of more than 10%.　　The recent strengthening of the dollar has weighed on commodity prices, which are represented by crude oil futures, but market insiders believe the dollar's long-term devaluation is hard to change, and that the decline in commodity prices caused by the dollar's rise will not last. This round of dollar strength is a direct cause of lower commodity prices, represented by oil and gold, because of the negative correlation. Greece's debt rating was downgraded and the Dubai debt crisis did not ease, and market risk aversion has been rising rapidly for some time.　　As a hedge fund, the dollar was once again courted by the market after the Dubai crisis. In addition to Fitch's 8th downgrade of Greece's sovereign credit rating from "A-" to "BBB", Moody's also warned on the same day that, because of the huge public debt accumulated in the financial crisis, sovereign credit such as Britain, France, Germany and the United States, which has long been rated at 3 A-level, could face several years of "fiscal crisis", Austria, Luxembourg, Similar risks exist in New Zealand and Switzerland.　　The market's concern for the European economy increased, and the currency market reacted distinctly. As a effect, the dollar continued to strengthen against a basket of major currencies. The dollar rose against the euro on 8th for the third consecutive session, with the euro falling to 1 euros against $1.4702, the lowest since November 3. The Dubai crisis sparked concerns about the outlook for the UK's banking sector, and the pound was weaker. On 9th, the pound's parity with the US dollar fell below 1 pounds for the first time since mid-October to 1 6200.　　The dollar index has risen continuously since December 2, with a maximum of 76.37 on December 9. The rise in the dollar index was seen by market participants as a technical revision of the dollar's 9-month decline, which could take up to 2 months. But experts predict the big trend in the dollar's long-term devaluation will not change. JI, director of the Center for World Economic Research at Beijing Business University, said: "As Europe's recent economic problems have led to its currency falling and pushing up the dollar, the rebound is only a short-term hedge against market funds, which in the long run has been pouring liquidity into the market in response to the economic crisis, The fate of the dollar's continued devaluation. "The expected weakness in demand also depresses crude prices. The United States Energy Information Agency (E IA) 8th cut the forecast for global oil demand next year. The agency says the recovery in major consumer countries, such as the US, remains weak. The EIA estimates that global oil day demand will increase by 1.1 million barrels to 85.22 million barrels in 2010, compared with an increase of 1.26 million barrels to 85.4 million barrels last month. The EIA report also showed that in the week ending December 4, U.S. gasoline commercial inventories increased by 2.25 million barrels, above analysts ' expectations. Ji said: "In the long run, in the context of the recovery has not yet consolidated, market demand for a period of time is not optimistic about the price of crude oil and other commodities to form a long period of pressure." ”