Woe Is USD
Another day, another dollar decline but this time it was the confirmation of the inevitable: US Treasury Secretary Mnuchin said:"Obviously a weaker dollar is good for us as it relates to trade and opportunities.” Although Mnuchin addressed the benefits of a stable currency, traders and the media rushed to the remarks as a change in policy. Or is it a change. Mnuchin stated the same remarks in April of last year. Is it a surprise that US officials are talking trade war, steel protectioism and USD weakness in a midterm election year? Here is from my book on what happened in 2002--also a midterm year. A new USD trade has been posted to subscribers.