Weak Dollar "good for trade" according to Treasury Secretary
US Dollar reaches three-year low against G10 rivals
by Abi Moses on 24th January, 2018
US Treasury Secretary, Steven , claims that the weakening Dollar will prove to be beneficial to the country, citing and increasing trade as set in out in President Trump's 'America First' manifesto.
Since Trump was voted into the White House the Dollar has lost ground on all of its G10 peers, with the Euro up 15.2% to a three-year high against the Greenback.
Ahead of the annual World Economic Forum, explained, "Obviously a weaker Dollar is good for us as it relates to trade and opportunities. The currency’s short-term value is not a concern of ours at all.
Speaking in Davos ahead of President Trump's arrival, the Treasury Secretary continued, "Longer term, the strength of the Dollar is a reflection of the strength of the US economy and the fact that it is and will continue to be the primary currency in terms of the reserve currency.
The Bloomberg Dollar Index indicates it isn't just the Euro enjoying a sharp rise against the US Dollar, the Greenback is now at a three-year low against all of its major global rivals.
Meanwhile, American Economy and Commerce Secretary, Wilbur Ross, has insisted the US will do all it can to help its exporters. Ross, also in Davos for the Forum, said "Trade wars are fought every single day. So, a trade war has been in place for quite a little while, the difference is the US troops are now coming to the rampart."
Here is a list of how the US Dollar has fared against all G10 rival currencies since President Trump's inauguration.
Danish Krone: -15.1%
British Pound: -13.9%
Swedish Krona: -11.3%
Canadian Dollar: -7.9%
Norwegian Krone: -7.6%
Australian Dollar: -6.8%
Swiss Franc: -5.2%
Japanese Yen: -4.7%
New Zealand Dollar: -3.2%
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