RE:Dollar valuations…Flight to quality. World economies are grinding into recessions right now. There are plenty of negatives you can say about the US economy, but the US dollar is still the international currency of choice with the most liquidity and scared money goes there. Yield curves are inverted so that is all you need to know regarding the direction of world economies. The question is how hard will everyone land, none knows. This macro is playing out in the copper market as well.