Trump Shrugs Off Dollar's Four-Year Low, Says Greenback Is 'Doing Great'
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Nothing to See Here, Says Trump
President Donald Trump wants everyone to calm down about the dollar. Speaking with reporters in Iowa on Tuesday, he pushed back against suggestions that the greenback had fallen "too much," insisting it's actually "doing great." This comes as the U.S. Dollar Index (DXY) slid to a four-year low of 95.66 against a basket of major currencies.
The numbers tell a different story than Trump's optimism suggests. The dollar is down 2.09% over the past month alone and has dropped a striking 10.6% since Trump took office, rattled by mounting fiscal uncertainties and shifting monetary policy expectations.
But Trump sees this through a trade lens. He pointed to what he considers unfair currency practices by China and Japan, countries he's accused of manipulating exchange rates for years. "If you look at China and Japan, I used to fight like hell with them because they always wanted to devalue," he said, explaining that such tactics made it harder for American companies to compete. "But they always fought."
Who Wins When the Dollar Weakens?
Anna Wong, Chief Economist at Bloomberg, wasn't surprised by Trump's stance. "Trump is not a strong dollar guy," she noted, adding that he's "stated his position" on this "for years." Wong suggested that multinational corporations with significant overseas operations are likely celebrating the weaker dollar. "The multinational firms on S&P 500 are also probably loving it," she said, since a cheaper dollar makes American exports more competitive globally.
Not everyone's buying the silver lining. Economist Peter Schiff questioned why the "hottest" economy in the world has the "coldest currency." He highlighted that beyond the four-year low against the dollar index, "it fell to another all-time low against the Swiss franc." Schiff's warning was blunt: as the currency continues weakening, "U.S. consumer prices and long-term interest rates will rise."
The Invesco DB US Dollar Index Bullish Fund (UUP), which tracks the dollar's performance, dropped 1.16% on Tuesday to close at $26.47 per share. Over the past year, it's down 9.38%.
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