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John Authers

Believe in Global Reflation? The Dollar Does

When the world economy is generally healthy, we can expect the greenback to weaken, and that’s exactly what’s happening.

Mexico’s stock market has caught up with the S&P 500 since the March low. — Mexico’s stock market has caught up with the S&P 500 since the March low.
Photographer: Joe Raedle/Getty Images

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December 2, 2020, 5:00 AM UTC

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A month away from the end of the accursed year of 2020, the much-expected rotation away from the defensive crouch in which investors spent much of the last 11 months is at last under way. There are many ways to illustrate this, but perhaps this is the most important: