Why stock-market bulls banking on a weaker U.S. dollar could be disappointed [MarketWatch]
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Source: MarketWatch
Why stock-market bulls banking on a weaker U.S. dollar could be disappointed Investors are pining for a top in the U.S. dollar, with some predicating calls for near-term stock market gains partly on expectations for a weaker U.S. currency. Dollar bulls say, don’t count on it. “Our view remains that the dollar is more likely to strengthen further than to fall,” said Jonas Goltermann, senior markets economist at Capital Economics, in a Wednesday note. The ICE U.S. Dollar Index DXY, +0.01% , a measure of the currency against a basket of six major rivals, is up 1.1% so far in November, taking back a little more than half the ground it lost in October. The index’s October pullback from a more-than-two-year high, however, encouraged investors who had been looking for a turn away from dollar strength to provide a positive backdrop for equities, particularly cyclical stocks. A weaker dollar can be a plus for export-oriented multinationals and commodity producer, making their products cheap
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