- Notably not participating in yesterday afternoon's post-FOMC rally was WisdomTree Investments (WETF), which actually fell about 4% while the broader market rallied nearly 2%.
- The why is not too difficult to discern. WisdomTree has another hit on its hands with its Europe Hedged Equity Fund (NYSEARCA:HEDJ), which has taken in a whopping $8.7B YTD as investors seek European stocks, but without exposure to the plunging euro.
- The dovish news out of the Fed yesterday, however, turned that equation on its head, the euro soared all the way past $1.10 to the dollar (from below $1.06), and HEDJ lost ground while other European ETFs jumped higher.
- The euro is back on the move down in today's action.
- Previously: Stocks stage sharp turnaround, yields dive following dovish Fed news (March 18)
- Previously: Dollar off sharply as Fed slows rate hike estimates (March 18)
- Previously: The morning after: Dollar retakes much of lost ground (March 19)