Wall Street rally goes global as weak dollar lifts all boats

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By Anchalee Worrachate and Anooja Debnath
Bloomberg News
Thursday, June 4, 2020

For investors wondering how markets can keep rallying in the midst of economic disaster, just look to the weakening dollar.

Its descent to a three-month low is adding a pillar of support to the bullish foundations powering risk assets across the globe this week. Emerging markets, commodities, and equities have surged as money managers look beyond unemployment headlines, and focus on central bank stimulus and business reopenings.

... Dispatch continues below ...



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While the greenback's decline is one sign that risk appetite is rising, it’s also adding extra fuel to the fire. A lower U.S. currency makes American goods cheaper overseas, helping companies boost earnings.

It also eases financial strain among emerging-market countries by allowing them to repay dollar-denominated debt more easily, and boost hard commodities like gold, copper, and oil that are priced in the currency. Plus, there's an added boost to inflation expectations, which benefits stocks most likely to profit from a stronger economy.

In the past month, the dollar weakened against all but two major currencies. The Bloomberg Dollar Spot Index slid 0.2% today, extending an almost 7% retreat from a recent high on March 23. The MSCI Emerging Markets Index jumped 30% and copper gained 19% in that time. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-06-04/wall-street-rally-goe...

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