When stocks rocket
With the coalition forces making significant progress in Iraq, the market is increasingly focusing on the possibility of a substantial, multi-month bear market rally in stock prices. It may be tempting to conclude that the US dollar would greatly benefit in such a scenario. We disagree. We doubt that a multi-month US stock market rally would attract sufficient foreign buying interest to trigger a large appreciation of the dollar.
It should be mentioned here that our global equity strategists
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