-- Stocks struggled to find footing as investors searched for value in other regions following this month’s rally in US equities. The dollar rose, on course for an eighth straight week of gains, the currency’s longest run of the year.
Investors have piled into US stocks in November, spurred on by expectations that Donald Trump’s economic policies to cut tax rates and support American industry will drive corporate profits higher. During the same period, European equities have been largely flat on the back of a lackluster economy and fears over geopolitical tensions.
Investors’ focus will turn toward US business activity data due later Friday to gauge the strength of the economy and the Federal Reserve’s path for interest rates. Traders see just above a 50-50 chance for a cut in December after almost fully pricing in a reduction at the beginning of the month. “The US dollar’s run can continue,” said Peter McLean, head of multi-asset portfolio solutions at Stonehage Fleming. “We also have those geopolitical tensions, which are escalating at the moment. It’s natural for investors to seek refuge in the dollar.”
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