A weakening US dollar will help power the stock market higher in the 2nd half of the year, Fundstrat says
One of the big headwinds of 2022 that helped push stock prices lower is turning into a tailwind that should help power the stock market higher in the second half of the year, according toThat tailwind is a weakening US dollar, which according to a Monday note from Lee, should help lift profit margins for US multinational companies over the next two to three quarters.
The US Dollar Index, which measures the dollar against a basket of foreign currencies, has declined by 13% from its September high of about 115 to just under 100 today. The decline representsaccording to a recent note from Fairlead Strategies, suggesting that the weakness could persist. And while second-quarter results are likely to be the worst quarter for year-over-year comparisons, based on current Wall Street estimates, they should represent the bottom and rebound in the third quarter.
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