The US dollar continued falling, also struck by the US Treasury Secretary. Will it stabilize? The upcoming week features the last Fed decision by Yellen, consumer confidence, and the Non-Farm Payrolls. Here are the highlights for the upcoming week.
US Treasury Secretary Steven Mnuchin said that “a weak dollar is good for the US“, departing from years of a “strong dollar policy”. While he tried to water down the comments, the downtrend is clear. His boss, President Trump, had much more bullish comments on the currency that helped the dollar recover, but that was somewhat short-lived as well. Alongside fears of a trade war also related to tariffs and NAFTA and despite a quick end to the government shutdown, the dollar found it hard to find its feet. A slightly disappointing GDP did not help. One of the big winners was the pound, that soared amid a mixed jobs report and an upbeat GDP number. EUR/USD also gained despite attempts to talk it down by the ECB. The BOJ did not change its dovish policy but that didn’t help the yen recover. The loonie finally took advantage of rising oil prices and the Aussie extended its march higher. What’s next?
Updates:
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