Russ Mould

And if the U.S.

is starting to slow down, as some suggest,

then that may exert a bigger gravitational force than Germany.

Would I want to bet against U.S.

exception as well for the very long term?

No, because the last 100-odd years tell us that's a pretty brave bet to take on.

But equally, when valuations are as lofty as they are, you can see why investors are looking for other options, and emerging markets have come back into fashion this year as well.

Everybody wrote off Hong Kong and China a year ago.

There was even an article in the Financial Times called them uninvestable.

And lo and behold, they've had a good year again.

Valuations low, expectations low, doesn't take much to persuade people to give things a fresh look.

No, so these things, again, go around in circles.

But I think that dollar weakness comes back to what I was talking about earlier with investors looking at those social media posts by the American president thinking, is this really something with which we feel entirely comfortable or at least feeling so exposed given that America's stock market is now worth two-thirds of global stock markets and within that, seven companies are worth 30-odd percent of the American stock market.

So you've got a very lopsided market and I think a lot of investors have wanted to manage their exposure to the dollar, not cut it altogether,

because of the potential, the huge potential that's there, but be wary of it.

And I think that's definitely helped the euro and it's helped euro assets for sure.

Breakfast Business with Enterprise Ireland on Newstalk.

Morning to you, Tom.

book at home, book when I'm commuting on the train between London and Brighton and that's either to decompress and entertain myself or to keep abreast of my ignorance because I cover an awful lot of different topics and certainly things like AI

very much new stuff to a history graduate such as myself so I have to keep learning and it's not always just books blogs particularly related to finance I read a lot of history books because I studied history at university but also financial markets do operate in cycles and you do see things that keep on cropping up time and time again