Cross-market relationship map
How the US dollar, yields, gold, oil, equities and crypto are commonly described as relating to each other — and why none of it is permanent.
Node figures: daily % change on 2026-10-09 from stored end-of-day snapshots (not real-time). Select a line or a node.
Each line is a relationship that market commentary commonly describes. Select one to read why it is widely cited, when it has broken down, and — where ZenithFX has stored at least 20 shared days of data — the measured correlation.
Commonly observed: often moves inversely
Why it is widely cited. Gold is priced in dollars, so a stronger dollar makes it dearer for holders of other currencies; both also respond to US real yields.
When it has broken down. In acute stress both have risen together as havens, and central-bank gold buying has at times overridden the dollar link.
Commonly observed: often moves inversely (especially to real yields)
Why it is widely cited. Gold pays no income, so higher real yields raise the opportunity cost of holding it.
When it has broken down. Periods of strong official-sector or haven demand have seen gold rise alongside higher yields.
Commonly observed: often moves together
Why it is widely cited. Higher US yields relative to other countries are widely cited as attracting capital into dollar assets.
When it has broken down. When yields rise because of US fiscal or credit worries, the dollar has sometimes weakened instead.
Commonly observed: varies by regime
Why it is widely cited. Higher yields raise discount rates (a headwind for valuations), but yields rising on stronger growth can accompany rising stocks.
When it has broken down. The sign of this relationship has flipped several times across decades; inflation regimes appear to matter.
Commonly observed: varies; often inverse in risk-off episodes
Why it is widely cited. The dollar is widely treated as a funding and haven currency, so it has often firmed when equities fall sharply.
When it has broken down. During US-led growth rallies both have risen together.
Commonly observed: often moves inversely
Why it is widely cited. Oil is priced in dollars, and a weaker dollar has tended to coincide with stronger commodity demand from other regions.
When it has broken down. Supply shocks dominate: OPEC+ decisions and geopolitics can move oil regardless of the dollar.
Commonly observed: often moves together
Why it is widely cited. Higher oil feeds into inflation expectations, which can lift yields and expected policy rates.
When it has broken down. An oil spike that threatens growth can push yields down instead.
Commonly observed: varies
Why it is widely cited. Demand-led oil rallies have accompanied rising stocks; supply-shock spikes have tended to weigh on them.
When it has broken down. Which effect dominates depends on why oil is moving.
Commonly observed: has often moved together in recent years
Why it is widely cited. Both are treated by many investors as risk assets sensitive to liquidity and rate expectations.
When it has broken down. Crypto-specific events (exchange failures, regulation, ETF flows) can decouple them abruptly.
Commonly observed: often moves inversely
Why it is widely cited. A weaker dollar and easier financial conditions are widely cited as supportive for speculative assets.
When it has broken down. The link has been weak or absent for long stretches.
DXY when stored; otherwise derived from EUR/USD (inverted), the largest DXY component.
Latest stored move: -0.18% (EUR/USD, inverted) on 2026-10-09 · ecb_fx, public eod.
Linked to: Gold, US yields, US equities, Crude oil, Crypto
US 10-year Treasury yield (daily % change of the yield level).
No stored move for the latest date.
Linked to: Gold, US dollar, US equities, Crude oil
Spot gold, or a gold ETF when that is what is stored.
Latest stored move: +1.57% (GLD) on 2026-10-09 · finnhub, delayed.
Linked to: US dollar, US yields
WTI or Brent, or an oil ETF when that is what is stored.
Latest stored move: +0.42% (USO) on 2026-10-09 · finnhub, delayed.
Linked to: US dollar, US yields, US equities
S&P 500, or an S&P 500 ETF when that is what is stored.
Latest stored move: +0.60% (S&P 500) on 2026-10-09 · alpha_vantage, eod.
Linked to: US yields, US dollar, Crude oil, Crypto
Bitcoin in US dollars.
No stored move for the latest date.
Linked to: US equities, US dollar