When I was on the Street in the early 2000s, we were watching the dollar the way a sniper watches a target.

Back then, the dollar cracked hard under pressure from low rates and war spending, and what followed wasn’t subtle. 

Gold took off and oil ripped, while emerging markets printed generational gains. 

And the average investor missed the whole thing. 

Most eyes were glued to tech stocks, just like they are in 2025.

We’re seeing similar pressure now — only this time, it’s after a rate-hike cycle, not before one. 

And that changes the setup in a big way.

The dollar index (DXY) has been quietly softening since late September, losing steam against the yen, the euro, and commodity-linked currencies. 

Most retail traders don’t watch the dollar, and that’s a mistake. 

It drives everything. 

Think of it like a gravitational force: When it weakens, capital moves faster and further into anything priced in dollars.

Here’s how you can take advantage of that.

Dollar for Dollar

A weaker dollar flips a lot of switches in the markets. 

These are the main ones, from a trader’s perspective:

• A weaker dollar boosts commodities. Gold, copper, oil, and others become cheaper in other currencies, so demand picks up. You don’t need a Ph.D. in macro to figure out where that leads.
  
• Emerging markets love a weak dollar. Their debt is dollar-denominated, so when the dollar falls, their liabilities shrink and their economies can breathe again.
  
• Multinationals get a tailwind. Big companies make tons of money overseas. When they bring that cash home, a weak dollar makes earnings look even better on the books.

Now, before anyone gets carried away, no — the dollar isn’t going to zero. 

But momentum like this tends to carry, and if the Fed’s done hiking for now (which the bond market is betting on), the dollar doesn’t have a strong leg to stand on.

So, What’s the Move?

I’m looking at three buckets right now:

1. Commodities — Not just gold. Think copper, silver, oil, uranium. There’s strength across the board. You don’t need to pick the top performer — just get long.
   
2. Emerging Markets — You can gain exposure through options on international exchange-traded funds, which gives you limited risk and defined upside.
   
3. U.S. Multinationals — Pick names with high overseas exposure. Look at their currency breakdowns. Then check the implied volatility. If they’re mispriced, you’ve got a trade.

Don’t overthink it. 

The edge here is recognizing the shift before it’s a consensus.

And yeah, most people are still staring at the S&P and trying to guess the next move in Nvidia. 

Let them.

We don’t trade headlines. We trade flows. 

And the flow is telling me the dollar’s losing its grip.

Watch where the money’s actually going.

That’s where I’ll be.

Stay street smart,
Jeff Zananiri

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*Past performance does not indicate future results