A weaker dollar will continue to support a broad stock market rally that has already seen an extraordinary run-up this year. Since topping out in late last September, the ICE U.S. Dollar Index has fallen about 13%. As of Friday, it's down about 2.3% this year. A weaker dollar "starts to set into motion a few different dynamics," said Yung-Yu Ma, chief investment officer at BMO Wealth Management.
Riley Financial's Art Hogan said the trend has some legs to it, possibly through the first quarter of 2024, assuming the Bank of Canada, the Bank of England and the European Central Bank make more progress fighting inflation with higher interest rates.
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