U.S. Dollar and S&P 500 vs. MSCI World ex-U.S.
U.S. Dollar and S&P 500 vs. MSCI World ex-U.S. BofAML suggests that the outlook for the U.S. dollar remains bullish into 2020, but if the S&P 500 is to top out relative to the rest of the world, then the U.S. dollar would likely weaken. Image: BofA Merrill Lynch Global Research