The direction of the U.S. Dollar Index (DXY) is important for several reasons. Everyone, or nearly everyone, sees the U.S. dollar as the world's reserve currency. Commodities are typically priced in U.S. dollars and a weaker dollar would tend to lift commodity prices.
Higher prices for energy and food and materials would have a negative impact on economic growth. Commodity prices have been rising since early 2020 and a turn lower for the dollar would likely push prices still higher.
Let's look at a few charts and indicators.