Bullfighter with the Cape in the Bullfight, Spain


The rise in the U.S. dollar has become a self-fulfilling prophecy and that will impact a host of large-cap stocks, according to Jefferies.

The “Fed’s hawkishness and a relative self-sufficiency in crude oil is forcing other exchange rates lower despite their best efforts to raise rates (ECB, UK, EM currencies, etc.),” global equity strategist Sean Darby wrote in a note. “Moreover, both the BoJ via Yield Curve Control and the PBOC are actually loosening their policy rates presently.”

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