The rise in the value of the dollar against the euro and the retreating price of oil and gold are not encouraging managers of US equity funds to be much more optimistic about the state of the US stock market.

The dollar this week reached a six-month highagainst the euro, rising to $1.471 per euro. And a barrel of crude oil has dropped in price to less than $115, offering another economic benefit to Americans who consume 21m barrels of oil a day. But fund managers and financial advisers remain sceptical about the strength of US equities, despite the growing consensus that the American economy is not deteriorating as quickly as others across the globe.