The US stock market priced in euros hits the upper band

The long term correlation of the US stock market with the euro currency has temporarily broken down and the recent run up in stocks has happened against a strenghtening of the dollar as opposed to a weakening of the dollar as it used to be in the past.

This as caused the SPX priced in euros to rally from the lower band straight to the upper band of the range established since 2003:


 

Categories: stock market, currencies, correlations