Dollar driving commodity prices - for now

Via MR, James Hamilton at Econbrowser shows that the falling dollar - probably driven by quantitative easing - seems to be the main driver of commodity price increases over the last two months. The good news is that monetary policy seems to be working. The bad news is that I don't think we can expect this pure relationship to last for long - too many other drivers on the supply and demand sides are in play - so its value as a barometer for the Fed is probably short-lived.

Update: Dollar is driving metal and hydrocarbon prices, that is - agricultural commodities have more volatile supply.