BlockBeats News, January 28th – U.S. President Trump stated that he believed the depreciation of the U.S. dollar was not significant, calling the dollar “strong” and anticipating fluctuations in its value. When asked if he was concerned about the dollar’s depreciation, Trump said, “No, I think the dollar is doing very well. I want it to be at a level playing field. That’s the way it should be.” Trump also suggested that he could manipulate the dollar’s exchange rate, saying, “I can make it go up and down like a yo-yo.” However, he described this scenario as an unfavorable outcome, likening it to hiring unnecessary workers to embellish employment data, while also criticizing Japan’s attempts to devalue its currency.
The U.S. Dollar Index (DXY) initially ticked up slightly upon Trump’s comments, then sharply fell more than 50 points, hitting a new low since February 2022. Non-U.S. currencies surged, with the offshore Chinese yuan briefly approaching the key level of 6.93 against the dollar, and gold continued to hit highs above $5180 per ounce. (FX Street)
