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U.S. dollar drops sharply after Trump calls it 'too strong'


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U.S. dollar drops sharply after Trump calls it 'too strong'

President Trump caused the U.S. dollar to slump Wednesday.

The dollar dropped 0.7%, a major move, after Trump told the Wall Street Journal that the dollar is "getting too strong."

"I think our dollar is getting too strong, and partially that's my fault because people have confidence in me," Trump said. "But that's hurting -- that will hurt ultimately."

The dollar hit its highest level in 13 years shortly after Trump won the election. It was widely viewed as a sign that investors believe America will grow faster than other parts of the world.

But now the dollar might be getting too mighty. The president is worried that US businesses, especially manufacturers, won't be able to compete. American goods are more expensive relative to European or Japanese products when the dollar's value is too high.

"It's very, very hard to compete when you have a strong dollar and other countries are devaluing their currency," Trump said.

http://money.cnn.com/2017/04/12/news/economy/us-dollar-donald-trump-wsj/

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It's kind of the curse of having the global currency...

I'm not sure I understand how the president lowers it just by speaking about it.

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Having the value of the dollar come down a bit is simply a correction.  It's actually beneficial for U.S. businesses.  But I don't understand how it falls just by the POTUS saying something either.

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18 minutes ago, other one said:

I'm not sure I understand how the president lowers it just by speaking about it.

That's what I don't understand.

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Because it's always trumps fault...the mighty dictator speaks and it happens...

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but there is notthing wrong with the dollar weakening....   it lets people buy more of our products and helps stop the wealth leaving our country.

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This is very good for Americans who have money invested in foreign currency. It is also good for corporations who have investment or do business oversees.

IOW good for business, not so much for individuals.

The main way that this affects the average American is in relation to  the exchange rate.  For example, my husband and I are vacationing in the Caribbean at the end of the month. Our vacation just became more expensive due to the exchange rate. This is a bad time of year for the dollar to go weak for those Americans who wish to travel outside the U.S. for vacation or business.

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If business is good, it will help the individual as well. More business equals more jobs and more money.

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7 minutes ago, The_Patriot2017 said:

If business is good, it will help the individual as well. More business equals more jobs and more money.

More money for the wealthy corporations.

The only jobs that corporations create in the U.S. are low wage jobs that you have to go through a temporary agency for.

Oh wait!!! There are also the fast food, big box store, low wage jobs that have run out all the small businesses all over America. We now have a service economy instead of a manufacturing one. 

So to the average individual, it makes no difference, unless you travel or do trade internationally.

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Guest shiloh357
5 hours ago, MorningGlory said:

Having the value of the dollar come down a bit is simply a correction.  It's actually beneficial for U.S. businesses.  But I don't understand how it falls just by the POTUS saying something either.

It doesn't.

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