The dollar is changing its spots. Hopes for a US recovery have led to a big shift in the way the US currency moves that could reshape foreign exchange trading.
Since the start of this year, the dollar has risen in line with US equities, in sharp contrast to much of the period since the global financial crisis.
Following Lehman’s collapse, the dollar became negatively correlated with US equities. When investors fretted about the eurozone, Chinese growth, or even the US itself, they fled to the safety of US Treasuries and withdrew from equities, including the S&P 500. The dollar benefited, moving in the opposite direction to stocks.
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