After Stephen Mnuchin failed to arrest the dollar’s freefall this morning, it appears to have been left to President Trump to ‘fix’ it. In a brief clip from a longer CNBC interview, Trump explained “ultimately he wants to see a strong dollar” and the dollar spiked…
Trump said “Mnuchin’s comment was taken out of context” and added that “as the economy strengthens, the dollar will get stronger and stronger and ultimately I want to see a strong dollar”
And the reaction was instant buying of the dollar…
We do note that actually this is exactly what Mnuchin said this morning… that in the long-run we want a strong dollar… and offers no content for the short-term plunge. For now the Trump spike is not erasing the day’s losses.
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