21:25 GMT. The Wall Street trading manual looked to have been thrown out the window in early New York trading on Friday as an initially firm dollar, falling oil price and worse than expected economic data could not prevent a rally in stocks.
In recent months the “great correlation trade” has followed a simple course: when the dollar is weak, buy riskier assets such as equities and commodities. Poor economic data were considered good for the dollar as they encouraged haven buying.
