On Wednesday US Treasury secretary Steven Mnuchin abandoned decades of use of the ‘strong dollar policy’ mantra stating the obvious: a weak dollar is good for US trade and therefore benefits the nation over the long term. Yesterday at the ECB’s rate-setting meeting president Mario Draghi spat out these words: ‘’the exchange rate has moved…due to exogenous reasons that have to do with communication. Not by the ECB, but by someone else. This someone else’s communication does not comply with the agreed terms of reference.’’ Later in the day President Trump told CNBC, ‘’the dollar is going to get stronger and stronger and ultimately I want to see a strong dollar’’.
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