Whether we like it or not, currency valuations are a primary driver of stock and commodity prices. While we like to talk about supply gluts, demand destruction, and the Chinese trade deal, the reality is a change in currency valuation could render any of those factors somewhat inconsequential. We’ve seen this occur time and time again throughout the years, but it is a fact that is easily forgotten. Particularly in today’s environment of historically low levels of volatility in the euro, yen and US dollar.