The S&P 500 has risen 319% since the March 2009 lows. This bull market has been driven by a range of factors, but the easy explanation would be as follows: Liquidity in US credit markets was stabilized by the first quantitative easing program launched in 2008, which led to a broad rebound in the economy […]

The Dollar fell late last week as two key data points showed that the US economy is losing steam. ISM manufacturing data came out at 51.5 which is the lowest level since Spring 2013. The survery missed estimates of 52.5 and is now only slightly above contraction territory. Payrolls were also very disappointing, with only […]