Trump Team at Davos Backs Weaker US Dollar, Sharpens Trade War Talk
A day before Trump’s scheduled arrival in the Swiss ski resort of Davos for the World Economic Forum’s annual meeting, American Treasury Secretary Steven Mnuchin endorsed the dollar’s decline as a benefit to the American economy
China will likely fight back, devaluing their currency to make their exports cheaper to foreign buyers. In this environment, Eurozone countries may respond in kind
The US dollar index futures USDX dropped decisively below key 90 technical support level today, setting a stage for a rapid decline towards the 70 level.
US dollar weakness dragged down the equity market on Thursday as capital may have started to flee the US market, with NQ dropping down over 100 points in the morning before recovering some of the losses in the afternoon.
James baker was the last US Treasury Secretary that vocally wanted a weaker dollar, just before the 1987 stock market crash, the Black Monday.
Key inflection price level for NQ on Thursday will be 6950, bullish above, bearish below
