What Cyclical Stocks Are Saying About The Dollar

Over the past decade, global cyclical stocks and the dollar have tended to move in inverse directions. Whenever the dollar weakens, like in the first half of 2009 and the second half of 2010, cyclical stocks have tended to outperform the broader market. Cyclical stocks have been outperforming since 7/7/16 and that outperformance really accelerated after the US election.