US stocks have risen in tandem with the dollar this year, in a break with historical trends that has led some analysts to question how much longer the rally can withstand the greenback’s strength.
The dollar has climbed 4.7 per cent against a basket of six peer currencies this year, while in the same period Wall Street’s benchmark S&P 500 has added 7 per cent.
“If the dollar continues to trend higher, equities will struggle,” said Mislav Matejka, head of global equity strategy at JPMorgan. “Historically, equities and the dollar exhibited a strong inverse correlation.”
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