Unlike major countries in Europe and Asia, the United States exports more oil and gas than it imports, positioning the dollar to benefit from the rising energy costs. The latest minutes from the Fed's July meeting showed that “most” policymakers continued to prioritize the battle against inflation, while “some participants” cited risks to the economy from pushing rates too far. In terms of holdings, Invesco DB US Dollar Index Bullish Fund allocates nearly 57.6% in euro and 25.5% collectively in the Japanese yen and British pound (see: all the Currency ETFs here).