Tom Essaye Quoted in MarketWatch on May 22nd, 2023

Stocks may take a hit by June if the dollar keeps rising, analyst says

The U.S. dollar, which rallied to a two-month high last week, is demonstrating a bullish signal from a technical perspective and has the potential to trend up in the coming months. The greenback’s strength will weigh on equities, starting by the beginning of June, noted Tom Essaye, founder of Sevens Report Research. Click here to read the full article.

A New Real Time Economic Indicator

What’s in Today’s Report:

  • A New, Real Time Economic Indicator
  • EIA and Oil Market Update
  • Why The U.S. Dollar Is Near Multi-Month Lows Again

Futures are slightly lower following a generally quiet night of news as markets digest Wednesday’s afternoon rally.

Economic data was mixed as Japanese Machine Orders beat estimates (1.7% vs. (E) -9.0%), but German Exports missed expectations (rising just 9.0% vs. (E) 14%).

The U.S. set another record for new coronavirus cases (61k) although markets continue to take the surge in stride, for now (more on that in tomorrow’s Report)

Today focus will be on weekly Jobless Claims (E: 1.375M) and if they bounce back towards 2 million, that will be a headwind on stocks as it will imply the economic recovery is stalling.

We also have one Fed speaker, Bostic (12:00 p.m. ET), and presumptive Democratic nominee Biden will give his first major economic policy speech, but neither event should move markets.

Tom Essaye Quoted in CNBC on September 3, 2019

“Going forward, the dollar will have a hard time declining unless the Fed gets aggressively dovish, simply because global growth remains lackluster and global central banks are easing policy…” said Tom Essaye, founder of the Sevens Report. Click here to read the full article.

Man holding $100 bills