The U.S. dollar rose broadly on Monday against other major currencies and extended its pullback from a one-year low against the euro. How will this affect stocks?
Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his market insights.
“I think right now, there’s an absolutely wacky situation which it’s all about the dollar,” Cashin told CNBC.
“The dollar has begun to firm, so we see oil down $2.50, we see gold get hit and we see the futures get hit. So the dollar as a reserve currency has become more the dollar as a financing currency.”
Cashin also commented on Wal-Mart’s largest clothing and toy supplier, Lee & Fung, and its statements on how the U.S. is going to lead the world out of recession.
“Let’s hope it’s not just optimism” on the part of Lee & Fung's president, Cashin said. “I hope his factories are moving and he’s actually seeing it.”
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No immediate information was available for Cashin or his firm.
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