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Europe's weak currency a tail wind for markets

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Wall Street's recent meltdown has much to do with worries that the stronger dollar and Europe's economic slowdown could hurt corporate America, as investors look to next week, when the third-quarter earnings season begins in earnest.

But the dollar's strength against the euro could be among the few positive factors at play for Europe, given the region's weaker currency should boost its exports, just as the softer dollar helped boost portions of the U.S. economy when it was mired in recession.

Read MoreThe dollar rally is about to change: FX expert

"The weaker the euro gets, the more competitive Europe is in the global economy," said Art Hogan, chief market strategist at Wunderlich Securities.

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