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The Dollar’s Enjoying a Renaissance

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October 30, 2017

After getting pummeled all year by the euro, the dollar is having a moment. In Wall Street parlance, it may be more than just a dead-cat bounce, as politics, economic fundamentals and technicals have converged to give the greenback a boost. 

The U.S. currency surged in the immediate aftermath of Donald Trump’s election victory before suffering a long descent that lasted from December until last month. That’s when the political viability of U.S. fiscal policy reform in the shape of — as yet to be detailed — tax cuts (and maybe even tax reform) became increasingly likely. Although equity markets have reflected optimism all year that tax cuts would come, the dollar has conveyed doubt along with gold and bonds.

The Bloomberg Dollar Index is up more than 4 percent from its low for the year on Sept. 8, partially rebounding from the more than 10 percent drop since the end of December. There could be more to come in the short term if tax cuts happen, because the legislation is likely to contain a provision that would allow U.S. companies to repatriate significant foreign profits and further bolster the economy. That could spark more inflation and put U.S. monetary policy on a more aggressive path.

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This article was posted: Monday, October 30, 2017 at 8:02 am

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