'Death Cross,' growth abroad threatens U.S. dollar [Reuters]
Bank of America Corporation (BAC)
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Source: Reuters
'Death Cross,' growth abroad threaten U.S. dollar NEW YORK (Reuters) - Storm clouds are gathering over the U.S. dollar, threatening a two-year rally in the currency that has squeezed corporate profits and angered President Donald Trump. Dollar bullishness in future markets stands at its lowest level in more than a year-and-a-half, according to the most recent data from the Commodity Futures Trading Commission measuring the net dollar amount of bets on a rising greenback. Analysts at Bank of America Merrill Lynch say the dollar triggered a so-called “Death Cross” on the last day of 2019. The bearish technical formation occurs when the 50-day moving average crosses below the 200-day moving average, something that has been followed by a period of dollar weakness in seven out of eight instances since 1980, the bank said in a recent report. Easing worries over global trade and Brexit are stoking investor appetite for risk, pushing them out of safe haven assets like the dollar, said Mark Mc
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