By Jennifer Calfas
April 13, 2017

The dollar fell on Wednesday immediately after President Donald Trump said it was “getting too strong.”

“I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me,” Trump told the Wall Street Journal. “But that’s hurting — that will hurt ultimately.”

“Look, there’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good,” Trump added.

The dollar index dropped 0.7% following Trump’s comments, CNN Money reported. The dollar had hit a 13-year high after Trump won the 2016 presidential election in November, on hopes of faster economic growth that would lead the Federal Reserve to raise interest rates after holding them close to zero for over seven years.

Trump told the Journal a strong dollar would make it difficult to compete with other countries, since American products would be more expensive than those from Europe or Japan.

“It’s very, very hard to compete when you have a strong dollar and other countries devaluing their currency,” Trump said.

Additionally, Trump said his administration will not label China as a currency manipulator — a stark reversal from comments he made during his presidential campaign. In another reversal, Trump also toned down his previous criticism of Fed chairwoman of Janet Yellen, prompting speculation that he may renominate her for another term.

“I do like a low-interest rate policy, I must be honest with you,” Trump said.

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