Dollar drops against basket of currencies after Donald Trump brushed off concerns over slide
The US dollar has fallen to its lowest level in four years after Donald Trump brushed off concerns over the currency’s fall, sending investors fleeing to traditional havens including gold and the Swiss franc.
The dollar dropped by 1.3% against a basket of currencies after the president’s comments on Tuesday, marking its fourth day of declines, then slipped by a further 0.2% on Wednesday morning.
“No, I think it’s great,” Trump said of the weaker dollar, during a visit to Iowa to promote his record on the economy. Asked whether he was concerned about the currency’s slide, he told reporters: “I think the value of the dollar – look at the business we’re doing. The dollar’s doing great.”
The greenback has tumbled by 10% over the past year, while Tuesday’s fall was the largest one-day drop since last April, when Trump announced his sweeping tariff plans, marking a global market sell-off.
Gold has reached the highest valuation in decades. It’s a sign people are moving away from the dollar as a store of wealth. The US hegemony is failing and China is picking up the slack. I hope the middle powers can unite as a single economic block and bring some stability. Trump is in his Nero phase.
I’m not an economist and macroeconomics make my eyes gloss over, but I’m sure seeing a lot of economists saying the dollar has less than a year left of being the world reserve currency. This seems like a bad idea… for us…but again I am no economist.
Can’t wait to see how the fiscal conservatives spin this one.
They’ve never been fiscally responsible, it’s only ever been spin and messaging. So you’ll likely see all the same hallmarks they have referenced in the past.
Note that the above article is from a right wing think tank arguing in bad faith and expresses the modern take on fiscal responsibility.
It basically boils down to:
- Social services bad
- military and police spending good
- tax breaks for businesses and the rich is best.
Honestly at this rate gold looks to be more in a bubble or unstable claim then anything.
The moment shit hits the fan the people start to unload in droves gold is goanna get fucked.
It’s far too many eggs in one basket.
Likely as not, yes it’ll be a bubble, once they move to a different currency than the dollar they’ll sell off gold to purchase it.
Lowest level so far
The civil war is on - it’s the rich versus the workers. They have divided the workers and they are being massacred.
I can’t parse this. Does this mean the rich are being massacred or the workers are being massacred?
We ain’t seen nothing yet. Give it more time.
Those damn liberals must be responsible!
They have to acknowledge it’s dropping before they can blame the libruls.
Oh well!! Time to ditch it as the petrodollar currency and for former allies to dump the US debt.
Trump is a moron
Let’s gooo. I won’t have too much ofy third world money when I wanna buy from Amazon or eBay that way.
Keep sinking
Good.
