Wednesday, January 24, 2018

Dollar Plunges to 3-Year Low After Mnuchin Talks

The economic ignoramus policies of the Donald Trump administration are on full display in Davos at the World Economic Forum.

The U.S. dollar suffered a renewed selloff this morning, with a key dollar index falling to a three-year low after U.S. Treasury Secretary Steven Mnuchin said in Davos that a weaker dollar is good for trade.

The dollar was already falling early on Wednesday, but was put under increased selling pressure after Mnuchin s said he wasn’t concerned about the currency’s recent decline. Instead, he said a weaker greenback “is good for us as it related to trade and opportunities,” breaking with the usual strong dollar policy.

What a clown, a weaker dollar will do only one thing, put added upward pressure on domestic prices. This at a time when price inflation is starting to accelerate anyways.


(via MarketWatch)

No comments:

Post a Comment