Dollar hits lowest level since 2022 - According to President Donald Trump, this moment is "fantastic"
The dollar fell to its lowest level since early 2022 after President Donald Trump said he was pleased with its recent decline (in the exchange rate against the euro). "No, I think it's fantastic," Trump told reporters when asked if he was concerned about the currency's decline. "The dollar is doing very well," he said.
Trump's comments added fuel to what was already the dollar's deepest decline since the imposition of tariffs sent markets into a sudden slump last year, fueling fears that his unpredictable monetary policy changes would drive foreign investors out of the United States. Following his comments, the Bloomberg Dollar Index extended its losses to 1.2%, with the greenback weakening against all major currencies before stabilizing slightly in Asian trade on Wednesday.
The president has long accused other countries of seeking weaker exchange rates to boost exports, and Treasury Secretary Scott Bessent has highlighted the difference between the dollar's price and its value as a reserve currency. So these latest comments have been interpreted as a green light for financial operators to sell the US dollar.
Part of the dollar's decline was driven by the yen's significant recovery since last week, as traders braced for possible intervention by Japanese officials to support the national currency.
The dollar's recent decline came despite rising Treasury yields and expectations that the Federal Reserve is poised to halt interest rate cuts at its meeting today - both factors that would traditionally be seen as supportive of the currency. Trump has openly expressed his desire for much lower rates, which would further weigh on the dollar.
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