I recently spoke at an ETF conference about commodities. During the panel discussion I mentioned that commodities includes a lesser known factor; currencies. An investor may view commodities partially as a currency play. Many commodities are quoted in U.S. dollars (spot $DXY). In the short-term the direction of $DXY may not impact commodities (S&P GSCI spot), however, over the longer-term a trending $DXY may impact commodities. For example, if the dollar is moving higher, commodities become more expensive to the rest of the world. Thus potentially reducing demand and potentially having an impact to suppress commodity prices. If the dollar…