Points to the value of a liberal arts degree!
According to data from RBC Capital Markets, the correlation of the Standard & Poor’s 500-stock index to the euro-dollar exchange rate over the last 30 days was close to 0.90, the highest on record going back to 1997.
“In the ’90s, U.S. rates traders thought the world ended at the Holland Tunnel,” said Jason Evans, a principal at New York hedge fund NineAlpha Capital Management, which specializes in fixed income. “Now every [Treasury] bill trader knows what Angela Merkel had for breakfast—such is the focus on Europe driving risk assets.”
There has been joking that some should have ditched their business degrees for European-history concentrations.