Stock markets remain in the phase of the economic cycle, where the main driver is interest in “growth stories”. The total capitalization of FANGMAN stocks (Facebook (NASDAQ:), Amazon (NASDAQ:), Netflix (NASDAQ:), Google (NASDAQ:), Microsoft (NASDAQ:), Apple (NASDAQ:), Nvidia (NASDAQ:)) exceeds $7.1 trillion. The capitalization of Tesla (NASDAQ:) exceeds $285 billion, and the fortune of its founder, Elon Musk – $70.5 billion, making him the 7th richest man on the planet. These are all companies that are of interest to investors in times of rapid economic growth, and their particularly sharp growth often occurs at the end of this macrocycle phase.
The foreign exchange market is much more restrained. The leaders of growth against the dollar since the beginning of the year are Swiss franc, Swedish krone, and Japanese yen. However, their increase is not even 3%. There is a much longer list of those currencies that have been seriously…
