There’s another reason why the October inflation data might be a game-changer for Wall Street: currency experts say the dollar, which is one of the factors that has helped to bulldoze stocks since the start of the year, may have finally peaked.
The dollar has been perhaps the premier safe-haven asset since the start of 2022. While other typical vessels for haven flows like gold, Treasurys and the yen have weakened substantially this year, the dollar has climbed steadily higher. In another note published on Wednesday, Juckes noted that the dollar’s latest pullback has brought it close to the 200-day moving average on the dollar index, which he said would “seem to be a good spot for the dollar to pause.”
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