Forex expert and panelist on TheStreet's monthly Trading Strategies roundtable Douglas Borthwick said numerous factors including Hurricane Irma and Hurricane Harvey led to the surprising rise in stocks during September. Borthwick said the market benefit of the hurricanes earlier this month revolved around "the idea that the broken window once getting fixed is going to be good for the economy."
Borthwick also noted that it's interesting that stocks moved higher despite the dollar moving sideways throughout the month.
He stressed that the rise higher will continue into October the dollar will react dovishly as Trump begins to discuss his choice to replace Janet Yellen as chair of the Federal Reserve.
More October Trading Strategies from TheStreet:
- 5 Reasons the U.S. Dollar Could Plunge in October
- Intel, AMD and 24 Other Stocks I Love for October
- 4 Reasons We Could Have Another October Stock Market Crash