Did Todays Jobs Report Kill The Dollar-Stocks Correlation?
Stocks are up today, following this morning’s fantastic jobs report, but we wouldn’t bet our life that they’ll stay in the black until 4:00 PM. See, the dollar is up, too, in a violent reversal of the traditional inverse correlation between stocks and the currency. Ideally, for American investors and consumers, they could both rise at the same time. But if the dollar is powering higher on expectations of Fed tightening, and that notion spreads to stocks, then watch out!
