In spite of Friday’s gains, it’s been a rough year for the dollar. However, one market watcher says a historically weak greenback could present unique opportunities for Wall Street.
“We’re seeing the most synchronized global growth expansion since the crisis. It’s not just the U.S. It’s Europe. It’s China. It’s Japan. It’s emerging markets. That’s what’s moving the dollar,” Stephen Parker of J.P. Morgan Private Bank said on Thursday on CNBC’s “Futures Now.”
“That’s not a bad thing. That’s a good thing because [it means] that more parts of the world are participating in this growth story,” Parker added.
Overall, the dollar index, which tracks the greenback’s performance versus a basket of other currencies, hasn’t been this weak since the period of January to July 1986. However, this comes amid recent signs of life as the dollar posted it’s best day since January on Friday and had its first positive week in over a month.continue reading »