The American dollar is losing value after U.S. president Donald Trump commented on the state of the currency this week. The president claims the dollar is rising steeply and that the strength is mostly due to confidence in his leadership. Trump also made a point of saying that Janet Yellen could be re-nominated as Federal Reserve Chairperson.
Trump turns on assurances — dollar reacts
The American dollar is growing “too strong” and this will come to hurt the U.S in the future. This is according to Donald Trump this Monday during a sit-down with the Wall Street Journal. Several large counterparts to the USD have seen the currency grow considerably against them. This came to a stand still yesterday not long after Trump’s comments.
Trump made two more unprecedented comments during his time with the newspaper. The first was acomplete reversal on his stance on Janet Yellen. Despite sharing unfavorable views on Yellen in the past, the president now claims he respects her and wouldn’t mind seeing her re-elected as the Fed Reserve Chair.
Beyond this, Trump came back on his approach on China being an economic bully. Not long after assuring to peg Beijing as a manipulator of currencies, this week saw the president Trump say China is no such thing.
“President Chi wants to do the right thing,” Trump explains. “I think he means well and I think he wants to help.”
This week also saw the American president reverse his statements against NATO. After criticizing NATO nunerous times in the past, not least as campaign fire, Donald Trump said the military organization now has value.
“I said it was obsolete. It’s no longer obsolete.”