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Trump: Not Worried About Dollar Depreciation, Can Let It Bobble Up and Down Like a Yo-Yo
BlockBeats News, January 28th, U.S. President Trump stated that he believes the depreciation of the U.S. dollar is not significant, calling the dollar "strong" and expecting its value to fluctuate. When asked if he is concerned about the depreciation of the dollar, Trump said: "No, I think the dollar is doing very well. I want it to go back to where it should be, that's the right thing to do." Trump also hinted that he could manipulate the dollar's exchange rate, saying: "I can make it go up and down like a yo-yo." However, he described this scenario as an unfavorable outcome, likening it to hiring unnecessary workers to embellish employment data, while criticizing Japan's attempt to devalue its currency.
The U.S. Dollar Index (DXY) initially saw a minor rise when Trump made his comments, but then plummeted over 50 points, hitting a new low since February 2022. Non-dollar currencies rose in response, with the offshore Chinese yuan briefly approaching the 6.93 level, and gold continued to hit new highs above $5180 per troy ounce. (FXStreet)
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