Earnings beyond the US are picking up, but whether this is organic growth or the product of a falling dollar is unclear, because the MSCI earnings estimates are all quoted in dollars. With the DXY decisively breaking through support, it likely is a factor to some degree. pic.twitter.com/Bwqyv4dEqu
— Jurrien Timmer (@TimmerFidelity) July 19, 2023
The squeeze is feeble: With the dollar weakening and equities rallying, financial conditions have now loosened all the way back to the spring of 2022 levels, when the Fed had barely begun tightening. pic.twitter.com/IJbrzX3ekv
— Jurrien Timmer (@TimmerFidelity) July 19, 2023
The earnings cycle ex-US seems to be bottoming out and picking up steam, although it’s hard to tell how much is organic vs dollar weakness. pic.twitter.com/kQBRmyifBS
— Jurrien Timmer (@TimmerFidelity) July 19, 2023
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