Analytics24
3 September
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S&P7,747.7+1.06%
Nasdaq29,482.3+1.16%Stoxx6,382.6+0.32%FTSE10,831.5+0.70%Nikkei64,796.3+0.91%Hang Seng25,752.9+2.14%DXY99.00+0.01%EUR/USD1.1627+0.36%USD/JPY156.38−1.60%GBP/USD1.3527+0.32%Gold4,519.1+0.61%Silver67.37+0.59%WTI91.95+0.71%Brent95.89+0.39%10Y4.76%−3 bpVIX14.32−5.79%S&P7,747.7+1.06%Nasdaq29,482.3+1.16%Stoxx6,382.6+0.32%FTSE10,831.5+0.70%Nikkei64,796.3+0.91%Hang Seng25,752.9+2.14%DXY99.00+0.01%EUR/USD1.1627+0.36%USD/JPY156.38−1.60%GBP/USD1.3527+0.32%Gold4,519.1+0.61%Silver67.37+0.59%WTI91.95+0.71%Brent95.89+0.39%10Y4.76%−3 bpVIX14.32−5.79%S&P7,747.7+1.06%
Markets
Hypotheses · Open · No decision date yet · Ex-US value is cheap for a reason

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.

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Series · Close Thu 3 Sep
Dollar index

99.00+0.01%

Dollar index vs 200-day, %

−0.39%98.80 vs 99.18 · 2026-08-21 · 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 DXY leg is live on the owned strip; the forward P/E gap series is not wired: blocked until it is. Cannot resolve and says so.

Related writing

No article rides on this one yet.

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