Always. Exchange Rates react to Interest Rates (Monetary Policy)...

Always.
Exchange Rates react to Interest Rates (Monetary Policy) ... higher interest rates = (usually) stronger currency (capital flows to best return)

Strong US$ means simple those commodity producers (say oil) need to sell less of their product to be able to purchase same amount of goods. Say oil was priced at US$100/Bbl and US$1 could be swapped for 2 EUR, and Macca's were selling hamburgers for US$1 in USA and 1EUR in Europe. Your Bbl of oil buys you 1 burger in both places. But if interest rates moved higher and US$ became a lot stronger (or dipsticks in EU did stupid things to weaken their currency) and all of a sudden you could get 2EUR for US$1 that means you can buy 2 hamburgers in EU but just 1 in USA.

The currency markets dwarf the equity markets in terms of $$. So if you were a producer of oil what would you do? The answer also depends on where you produce your oil and where you sell it. If you were producing from a US deposit ... does it matter? Oil was priced at US$100/Bbl, your costs are in US$. But if you were in EU you suddenly get "twice" as much Euros for exactly the same amount of oil PLUS your "local" costs (i.e. anything not priced in US$ effectively is halved). This game is played every day. Dates back to the "petrodollar" of US guarantees of Saudi security etc. in exchange for only pricing oil in US$. So globally, every purchase involved buying/selling of US$.

And along comes Lithium ... going to disrupt this behemoth (in time with a lot of effort). Lots of "vested interest" to oversome.

So the FOMC meeting in Mar (19-20) ... what to do?
The backdrop is RISING inflation (still) - "higher for longer" scenario - that doesn't sound like a cut rates scenario (equity markets especially do not want a tightening scenario to occur ... that would spoil the party). I mean we all want a strong economy with stable prices ... but an economy + high inflation rates = pain over time (as in even higher interest rates along with "affordability" crisis ... welcome to Australia).

Whatever happens, Lithium/EV/Electrification ... all of it executes against a macro-economic backdrop.

Good fortune this week ... whatever coolaid you drink.