S&P7,659.4−1.11%16 Oct
Nasdaq29,187.6−2.53%16 OctStoxx6,204.2+0.58%16 OctFTSE10,796.3−0.79%Nikkei64,916.7−0.62%Hang Seng24,186.8+0.52%16 Oct10Y5.10%+1 bp16 OctS&P7,659.4−1.11%16 OctNasdaq29,187.6−2.53%16 OctStoxx6,204.2+0.58%16 OctFTSE10,796.3−0.79%Nikkei64,916.7−0.62%Hang Seng24,186.8+0.52%16 Oct10Y5.10%+1 bp16 OctS&P7,659.4−1.11%16 Oct
Markets

The ex-US discount only closes on a weak dollar

Any five-point narrowing of the US vs ex-US forward P/E gap coincides with the dollar index at least 4% below its 200-day average. No sustained narrowing happens against a strong dollar.

Series · Close Fri 16 Oct
Dollar index

101.97+0.13% · 19 Oct

Dollar index vs 200-day, %

+2.75%102.1 vs 99.33 · 2026-10-07 · streak ≤ −4%: 0

US vs ex-US forward P/E gap

4.8 ptsUSA 20.37 / EAFE 15.53 · 31 Jul 2026

Grade

Open. The dollar index is 102.06 on 7 Oct 2026, 2.8% above its 200-day average of 99.33. The weak-dollar bar is 4% below that average. The forward P/E gap stays unwired, so this claim stays blocked.