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
U.S. Dollar and Euro (EUR/USD) Deutsche Bank expects the dollar to weaken into 2020. Image: Deutsche Bank Research
U.S. Dollar Cycles U.S. dollar cycles are persistent and are counted in years. In the absence of a recession in the U.S. in 2020, the strength of the U.S. dollar should continue for some time. Image: Danske Bank
Long-Term U.S. Dollar Cycles This chart shows bear and bull cycles in the U.S. dollar. Will the U.S. dollar enter a bear market? Image: Alpine Macro
Broad Trade-Weighted U.S. Dollar Forecast Chart suggesting that the U.S. dollar is expected to weaken in 2020, as global economic activity improves. Image: Goldman Sachs Global Investment Research
U.S. Dollar Debt in Emerging Markets This chart shows the wall of dollar debt in emerging markets over the next decade. Image: Financial Times
U.S. Dollar – Trade-Weighted Real Exchange Rates Chart suggesting that the U.S. dollar looks overvalued against euro and sterling. Image: Gavekal, Macrobond
U.S. Dollar and ROW – U.S. Real GDP Growth Differential Chart suggesting that a rebound in global growth outside the U.S., should weaken the U.S. dollar. Image: Morgan Stanley Research
U.S. Equity Leads U.S. Dollar History suggests that U.S. equity underperformance leads U.S. dollar weakness. Image: Gavekal
U.S. Dollar and S&P 500 Equity Risk Premium Higher bond yields reduce the S&P 500 equity risk premium, which weakens the U.S. dollar. Image: Morgan Stanley Research