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It will be difficult for the stock market to stop its slide and find a bottom as long as the U.S. dollar keeps soaring versus its rivals, according to market analysts.
Global stocks suffered a bruising week, with the S&P 500 on Friday narrowly avoiding its lowest close of the year. At the same time, a key U.S. dollar index soared to a two-decade high, with the greenback soaring versus rival currencies and sowing volatility across financial markets.
“In the past, when this has become uncomfortable, we’d say we cannot rule out a coordinated worldwide effort by central banks to stop the increase in the dollar, because it’s causing so many problems,” noted Mace McCain, president and chief investment officer at Frost Investment Advisors.
Excerpted from MarketWatch on September 26, 2022. To read full article, click here.
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