President Donald Trump has triggered a sharp decline in the US dollar by criticizing the currency’s strength on the back of increased confidence in his presidency. “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting – that will hurt ultimately,” said the US President as quoted by The Wall Street Journal. “Look, there’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good. It’s very, very hard to compete
when you have a strong dollar and other countries are devaluing their currency,” stressed the president. Following the comment, the dollar index which measures the US currency against a basket of of currencies, dropped to 100.01 in Asian trade early Thursday, compared to levels above 101 earlier this week. The greenback tumbled to its lowest level since November against the Japanese yen. The US currency was trading at 108.70 yen per dollar, down from levels above 111 yen earlier in the week. READ MORE
