If US dollar keeps falling, 'there are better things to own than Nvidia': Gavekal
The U.S. dollar has been on a downtrend and should that continue, there will be “better things to own than Nvidia” for investors, Gavekal Research said in a Monday report.
Specifically, the report points out that historically, the U.S. dollar's strength has been a key factor in driving capital into U.S. equities. However, as the Federal Reserve signals a more dovish stance, with interest rate cuts on the horizon, the dollar may lose its luster. In this case, investors might find better opportunities outside of high-valuation stocks like Nvidia, particularly if the dollar depreciates by around 5% annually.
“So far, the market’s reaction to Powell’s speech lies somewhere between scenarios two and three,” the firm adds.
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