I hear you. Causality isn’t ‘USD down → US stocks down.’ It’s shared drivers. Still, USD down → foreign assets up (in USD terms), so relative performance can favor ex-US.

I get it, but that means those factors are driving both the weak currency and the weaker stock market, rather than the weak currency driving the weak stock market.

Undisciplined

The main drivers were Fed cut expectations/yield spreads plus tariff/trade-policy volatility and confidence effects (incl. Fed-independence rhetoric). That mix helped push the dollar toward its steepest annual drop since 2017