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The US dollar doesn’t have ‘too much to offer anymore,’ and looks set to plummet against other major currencies, UBS warns
UBS Global Wealth Management's Harmut Issel told CNBC: 'Since the last month or two, the dollar does not have too much to offer anymore.'
The sell-off arrived as liquidity in the Treasury market sank to historic lows. The Fed has since opened a new facility for easing such trades.
The Fed starts a new program to provide dollars to central banks and calm the $5 trillion currency market
The facility will allow foreign central banks to swap US Treasuries for dollars as demand for the currency skyrockets amid coronavirus concerns.
"Despite heavy losses, we do not rule out the possibility of a deeper bear market."
Trump complained about the US dollar’s strength throughout 2019 — but these 8 major currencies were even stronger
The US dollar index DXY is up roughly 1.2% year-to-date, rising amid summer recession fears and trade war tensions.
Manipulating the US dollar would erode trust in the US government, scare investors, potentially start a currency war, and destabilize the world.
"We don't have a Tariff problem (we are reigning in bad and/or unfair players), we have a Fed problem," Trump said. "They don't have a clue!"
Trump’s tweet citing the ‘highest dollar in US history’ is flat-out wrong. Here’s where the dollar actually stands.
Trump has repeatedly expressed his desire for a weaker US dollar, saying it will improve the US's position in the global trade war.
The dollar just hit its highest level of 2019, even as Trump continues his full-court press for a weaker currency
There are a number of factors supporting the dollar's strength, including the trade war, which is dragging down global growth.
Trump ramps up his crusade for a weaker dollar, says the Fed’s rate decisions have ‘called it wrong at every step’
"As your President, one would think that I would be thrilled with our very strong dollar. I am not!" Trump tweeted Thursday.