Year of the almighty dollar may spell mixed fortunes for stocks

2015 may be the year of the dollar, and that could be a mixed blessing for US stocks.

This week and this year, energy and mining stocks will come under pressure as the rising dollar hurts the economics of producing raw materials. The fortunes of airlines and retailers - businesses that consume commodities and rely on imports - will likely gain in value with the dollar.

2014, of course, was the year of the oil bust. After peaking above US$110 a barrel in July, the most widely traded US oil contract finished the year with a loss of 46 per cent. Faced with competition from expensive "hydraulic fracturing" in Texas and the Midwest, Saudi Arabia and other members of the Organization of Petroleum Exporting Countries decided to flood the market with oil.