The market is continuing its rally this morning as more signs emerge that the global economy is taking steps toward a recovery. A weakening U.S. dollar is also giving support to commodities prices.

The weaker dollar is giving oil prices a lift. The commodity has surged above $71 a barrel. A weaker dollar makes oil cheaper for overseas buyers, since it’s priced in dollars. The United States Oil Fund (NYSEArca: USO) is up more than 1.5%.

Gold prices are also climbing even higher, now hitting a record $1,038 an ounce thanks to dollar weakness and fears of inflation, reports Bloomberg. The previous record was $1,033.90 an ounce, set in March 2008. SPDR Gold Shares (NYSEArca: GLD) is up more than 2% this morning.

Meanwhile, the dollar continues its downward slide, thanks to an interest-rate hike by the Bank of Australia. The move is the first tightening by a major central bank since the global downturn began, reports Peter A. McKay for The Wall Street  Journal. The move pushed the dollar to a 14-year low. A weak dollar can be played with the PowerShares DB U.S. Dollar Bearish (NYSEArca: UDN), which is up nearly 1% this morning.

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Tags: Commodity ETFs, Currency ETFs, Energy, GLD, Gold, Oil, Precious Metals, U.S. Dollar, UDN, USO