The U.S. dollar fell 1.3% on Tuesday, its most since April last year, after President Donald Trump refused to say the currency had fallen too much.
Trump, who is in Iowa to highlight the country’s economic performance, was asked by reporters if he was satisfied with the current value of the dollar and whether he thought it had fallen too much after falling 10% over the past year.
President Trump said of the weakening dollar, “I think it’s a great thing.” “It’s about the value of the dollar. Look at the business we’re doing. No, the dollar is doing great. You know, this is very interesting. If you look at China and Japan, I was fighting tooth and nail with them because they Because they always wanted to devalue the yen…you know, the yen and the renminbi, they always wanted to devalue it. They devalued, devalued, devalued. And I said, “It’s not fair.” Because when the value goes down, it becomes harder to compete. ”
of dollar indexThe index, which tracks the movement of the U.S. currency against six major trading partners but not China, was the biggest one-day drop since April 10 last year, when the currency fell about 2% amid escalating trade tensions and the U.S. threat to impose 145% tariffs on China. On the same day, the S&P 500 fell 3.5%, and the Nasdaq Composite Index fell 4.3%.
On Tuesday, the dollar also fell to its lowest level since February 2022.
Dollar Index Futures for the Past Year
