UUP & XLE with an inflationary backdrop - we know that dollar strength doesn't tell the story of inflation because it's measured against a basket of other currencies...which largely follow the same policies and have the same issues as a result. But, and this is a question I'm trying to work out for myself...maybe with the help of some of you, if/when the dollar gives up some of its recent parabolic move, inflation pain for Americans should increase somewhat proportionally (all other things remaining equal)....right? I mean, it's been basically amazing to me that energy and commodities (not today, but overall) have been so strong in the face of dollar strength. That tells me that inflation is really MUCH worse that it feels and may really bite if the dollar backs down from here. My family (except me) runs a business that does a lot of work in Europe (specially Italy) and they are hurting over there much worse because they are buying the same commodities but with a much weaker currency.  Am I off base?  Is it possible that a dollar retracement of recent move will be fuel on the fire of XLE and PDBC since they are largely priced in USD?