USD Index
Technically the USD index (DXY) has broken through its 200-day moving average. Expected US Fed rate cuts for the rest of the year and signs of slower growth ahead should begin to erode the US Dollar’s pillars of support.
Newsflash
ECB more easing
The European Central Bank is prepared for more easing and the search for yield has become even more pressing. Whether right or wrong but 5yr Greek government bonds yield now less than 5yr Italian government bonds.
S&P 500 stocks yielding more than 10yr US Treasury bonds
According to FactSet, 44% of S&P 500 stocks yield again more than 10yr US Treasury bonds at 2.14%. Investors have little choice to go elsewhere and stocks should find marginal buyers again.
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