U.S. Exceptionalism Is Alive and Well as Nasdaq Outperforms Global Peers

The American exceptionality, the idea that the US economy and its financial markets are different from other nations, remain alive and well, at least according to the stock markets.

Since the beginning of April, the Index NASDAQ Index on Wall Street has appeared 31%, while the wider S&P 500 index gathered 24%. Other major indices such as German Dax, France CAC, Japanese Nikkei and the Chinese Shanghai Composite, lagging behind Wall Street.

Nasdaq and S&P 500 were traded on record maximum on Thursday. The demand for American treasury notes went in fear of fiscal sustainability, as Coindesk noted last month.

The data is contrary to the popular narrative that capital flows accumulate from the US that accumulates for debt nervous and trade war President Donald Trump and repeated criticism of the Federal Reserve.

“Several key factors that have been supported by uniqueness remain fully intact and perhaps strengthen further,” Hani Redha, Portfolia manager, strategy and research leader for global multi-acts in Pinebridge Investments, he wrote In a blog published last month.

Redha pointed to Trump’s deregulation as a key factor supporting American productivity Supercykl – unique among global peers – and its leadership around the world.

The economy verifies American uniqueness

Other economic variables, such as the real growth of GDP per capita, also support narration of uniqueness. The metric measures the rate at which the value of goods and services produced per person in the economy is regulated by inflation.

“The US massively overcomes the EU in terms of real GDP growth per capita. The reasons are deeply structural and have not changed about the uniqueness of the US – at least for growth – it is here to stay …” said to x.

On Thursday, data on jobs in the US on Thursday added another share in the “loss of American uniqueness, because Bruce J Clark, the Head of Informa Global Markets, said at LinkedIn.

Consequences for BTC and DXY

The return of US uniqueness of US stocks can be considered a positive development of bitcoins

And the wider crypto market, due to the historical positive correlation between them.

BTC, the anterior cryptocurrency according to the market value, has already increased by 44% to $ 108,000 and, according to Coindesk data, quickly gathered nearly $ 75,000 in early April. In addition, with the President Pro-Krypto in the White House, it can be said that Bitcoin is part of the American exceptional game.

Meanwhile, the return of American uniqueness could also put the floor under the US dollar. “Since today’s job data states another share in the narrative of” loss of American uniqueness “, the temptation is to get long dollars here for trade in contrastoz and growing,” Clark notedAdding the growing discomfort of ECB officials with a strong euro.

At the beginning of this week, Ft reportedQuoting a higher ECB official that the central bank may have to signal, that it could be too much strengthening in the euro, as inflation could lead to hovering below the goal. Meanwhile in an interview with Bloomberg, vice -president of ECB Luis de Guindos said The “exceeding” euro should be prevented, which is a complex level above 1.20.