Yes, I understand most commodities are traded in USD.
But if Australia are selling to Japan, and lets say the USD falls 30%. This would just raise the price of the commodity in USD 30% in all countries except the USA.
Cost in Yen v AUD would be unchanged. The buyer will only pay the price he wants/needs to pay.
Cost in AUD would be unchanged. Seller would receive 30% more USD for the transaction but the USD are worth 30% less in AUD.
USD is an intermediate currency.
Or do I not understand something here?
E25 General Comments/Chat, page-87
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