This morning, the S&P 500 Index e-mini futures (ES-H3) are trading lower by 6.50 points to $1499.50 per contract. So far, Monday was a sell off, Tuesday was a rally, and today the major stock indexes are looking very weak before the opening bell. What is the cause of this erratic action? Obviously, it is the U.S. Dollar Index. Today, there are problems brewing in the European Union. The important German DAX is lower by 1.40 percent. As many of you know, when fear strikes the European markets capital will flow into the U.S. Dollar Index. A stronger U.S. Dollar is a negative for global the stock markets as everything will deflate and usually trade lower. That looks to be what is happening today. Traders can track the action in the U.S. Dollar Index by following the PowerShares DB US Dollar Index Bullish (UUP).
Many leading European financial stocks could also be under pressure at the start of the day. Leading equities such as the Ishares MSCI Europe Fincls Sctr Indx Fd (EUFN), CurrencyShares Euro Trust (FXE), Deutsche Bank AG (USA) (DB), and UBS AG (USA) (UBS) are all likely to be weak at the start of the trading day.
Below you may find the video.
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Dollar Wednesdays Are Back
Published 02/06/2013, 10:57 AM
Updated 07/09/2023, 06:31 AM
Dollar Wednesdays Are Back
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