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Good morning. Yesterday’s sell-off in the U.S. is sweeping the globe, with Asia and European shares edging lower. You can add a soaring dollar to the growing list of markets headwinds—right up there with rising COVID cases, a breakdown in fiscal stimulus talks, election jitters and vaccine timeline worries.
Let’s check in on the action.
According to CNBC, Rep. Rashida Tlaib (D-Mich) asked point blank: “Yes or no, do you believe another stimulus check could help stabilize the economy?” “I do,” Mnuchin said. “The administration does support another stimulus payment.” Powell also expressed agreement that the economy needed more help from the government.
Strong dollar: it’s sinking equities and gold. Run for the hills!
Weak dollar: it’s inevitable:
Economist Stephen Roach warns next year will be brutal for the dollar.
Not only does he see growing odds of a double-dip recession, the Yale University senior fellow believes his “seemingly crazed idea” that the dollar would crash shouldn’t be so crazy anymore.
“We’ve got data that’s confirmed both the saving and current account dynamic in a much more dramatic fashion than even I was looking for,” Roach told CNBC’s “Trading Nation” on Wednesday.
Which one are you?
Have a nice day, everyone. I’ll see you here tomorrow.
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