Dollar will depreciate, but not drastically: Advent Advisors

How are you going to be looking at playing the commodity pack in the light of what is happening with the dollar?

I have no answer to that but my gut feeling is that going forward, you will see the dollar depreciate rather than appreciate. I am not talking short term. If you look at the macroeconomic perspective, if I look at what the US wants to achieve or what China wants to achieve, you would not have the drastic dollar depreciation that people are talking about. But the dollar will probably gently drift lower and correct slowly rather than drastically because at the end of the day, too drastic a dollar correction means that most of the countries of the world which have the reserves in dollars are going to get pauperised.

That would not happen but an appreciating dollar does not help the recovery in the US. So therefore, what seems to me most likely to happen is a gradual depreciation of the dollar and with its consequent impact on commodity prices.