Wednesday, April 10, 2019 12:05:37 PM
Earlier today, the European Central Bank (ECB) gave another weak forecast for the European economy. The ECB President Mario Draghi is concerned that he is seeing slower growth momentum in the euro zone. This news should continue to support the U.S. Dollar Index (DX) in the future. While the U.S. Dollar Index remains strong at this time it has still not broke out much past the $97.00 area. Should the dollar continue to gain strength this could hurt many of the large multi-national companies in the United States. Traders must remember, a weaker currency will usually boost exports as it becomes cheaper to sell goods abroad. While the U.S. Dollar Index is still below its 2017 peak it is starting to creep up toward that old high level. Earnings season is around the corner as J.P. Morgan Chase (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) are scheduled to report this Friday. So we shall start to hear from many companies about how the strong dollar is affecting their bottom line.
Nick Santiago
InTheMoneyStocks
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