Is the commodity market still dominated by the US dollar? What has been the effect of the financial crisis on this relationship? This paper applies wavelet analysis to examine the contemporaneous and dominant dynamics between US dollar, oil price and gold price. By decomposing the relationships into short term and long term components, the results will enable investors with different decision making horizons to construct different portfolio management. Our findings indicate that the returns dynamics between crude oil, gold and US dollar are different at different frequencies and these relations are time?varying. This noteworthy heterogeneity across frequencies and over time highlights the usefulness of the wavelet approach. Moreover, the evidence shows that the crude oil market has been found to be dominated by the US dollar but the gold leads US dollar in the long term. Finally, we find that financial crisis has a temporary effect on the dynamics between commodities and US dollar. This finding suggests that the short term commodity investors should take care of the US dollar’s tendency during the crisis periods.