While making readings on economics I came across a sentence:
..large valuation gap that has opened up between US equities and the rest of the world. This could help bid up non-US equity valuations and place further downward pressure on the USD.
To my understanding, holding everything else equal, high stock prices of US corporate encourage investors to buy them, thus it should place upward pressure on the dollar. Why would the authors argue that the direction of pressure is down?