Trump's comments in US dollars are incorrect, proof that it's not the strongest of all times

by



[ad_1]

  • President Trump said in a tweet On Wednesday, the US dollar had reached its highest level of the day before.
  • This is not correct. Although the measure of a dollar peaked in 2019 on Tuesday, it is far from being the highest in American history.
  • We provide four data points showing that the dollar has not reached a record level against other currencies in the world.
  • Look at the US Dollar Index live on Markets Insider.

President Trump knows that the US dollar is strong, but he seems confused as to his strength in relation to history.

Wednesday, Trump tweeted another message of discontent targeting Federal Reserve Chairman Jerome Powell. That included another mention of the strength of the dollar, with Trump saying "yesterday, the highest dollar in US history".

This was Trump's last participation in the crusade for a weaker dollar, which he said will give the United States a boost in the ongoing global trade war. He has constantly criticized the Fed and Powell for explaining the strength of the greenback.

But the president's claims about the greenback's place in history are just not true. Although Bloomberg's one-dollar measure reached its highest level of the year on Tuesday, it is far from the highest ever. In fact, the strength of the dollar is not even close to the peaks of the year.

Here are four data points that show where the US dollar is relative to other currencies, relative to history. Everyone easily dispels the idea that the greenback is at record highs:

  • US dollar index
    • Currently: 98.19 – only the strongest dollar since early August 2019
    • USD strength: 164.72 (February 25, 1985)
    • % of record40%
  • Euro-USD
    • Currently: 1.11 – only the strongest dollar since the end of July 2019
    • USD strength0.64 (February 26, 1985)
    • % of record42%
  • Japanese USD-yen
    • Currently: 106.47 – only the strongest dollar since March 2018
    • USD strength358.44 (January 13, 1971)
    • % of record237%
  • USD-Chinese yuan
    • Currently: 7.06 – only the strongest dollar since February 2010
    • USD strength: 8.73 (January 25, 1994)
    • % of record: 24%

[ad_2]

Source link