This negative correlation has been alive and kicking for a long time now. The mid-oughts' bull market in equities coincided with global dollar weakness. During the crisis, the ultimate safe haven status of US Treasuries provided a further boost to this inverse co-movement.
The big question is what happens to the US dollar as the global economy recovers. The answer to that depends on whether the world can decouple from the US. I remain sceptical of the decoupling argument, at least in the near-term.
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