The U.S. dollar, which rallied to a two-month high on Thursday, is demonstrating a bullish signal from a technical perspective and has the potential to trend up in the coming months, according to Sevens Report Research.
The greenback’s strength will weigh on equities, starting by the beginning of June, noted Tom Essaye, founder of Sevens. The Dollar Index has been holding above 101, a key support level, according to Essaye. Meanwhile, a downtrend of the dollar starting in October failed to hold since last week, Essaye noted.
The dollar rallied during several, past bear markets for stocks, including the dot.com bubble burst in 2000, the 2007-2008 great financial crisis and the COVID pandemic that began in 2020.
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