The U.S. dollar fell today after President-elect Donald Trump told the Wall Street Journal that the U.S. currency was too high–in part because China holds down the price of the yuan. On the comments the Bloomberg Dollar Spot Index was down 1.1% as of noon New York time.
In an interview with the London Times and Germany’s Bild President-elect Donald Trump managed to dismiss the European Union as a tool for expanding German exports and to label NATO as obsolete. Shares of German automakers and British pound are hit
In overnight trading in Asia the pound fell against the dollar, dropping below $1.20 for the first time since October’s flash crash. The immediate cause was a report in the Sunday Times that in a speech scheduled for Tuesday U.K. Prime Minister Theresa May will say that the United Kingdom is prepared to headed for a Hard Brexit
Thanks to the 6.5% drop in the yuan against the dollar in 2016 and the 6% decline in the yuan against a benchmark basket of currencies, China’s dollar denominated exports fell 6.1% in December.
Right now the U.S. dollar is the Energizer Bunny of currencies. The greenback climbed to 115.28 yen this morning. That’s the highest level since February 9. It also moved up against the euro, rising 0.7% to $1.0541.