- REUTERS/Fredy Builes
- President Trump complained about the US dollar’s strength several times in 2019, but eight major currencies are set to outperform the dollar this year.
- The US dollar index (DXY) is up more than 1% year-to-date, rising despite summer recession fears and trade war tensions.
- Here are the eight major currencies to gain more value against the dollar in 2019, from the Singapore dollar to the Russian ruble.
- Visit the Business Insider homepage for more stories.
President Trump railed against the US dollar’s relative strength through much of 2019, but eight major currencies are on track to outperform the dollar this year.
The US dollar index DXY is up roughly 1.2% in the year-to-date, surging in strength despite summer recession warnings and continued trade war tensions. It performed best against the Turkish lira this year, a Bank of America note comparing major currencies said Friday.
Trump reportedly asked White House aides to look into ways to devalue the American currency in early July. A weaker dollar would give the US an advantage in international trade, but currency manipulation would also cut into the country’s reputation abroad. Trump even critiqued China in the summer for how its central bank allowed the yuan to slip below a key psychological level in early August.
Here are the eight major currencies that outperformed the US dollar in 2019, ranked in ascending order. Performance is as of December 11.
8. Singapore dollar
- Getty Images / Gavin Hellier
Performance against US dollar: 0.4%
7. Taiwanese dollar
- Getty Images
Performance against US dollar: 0.7%
6. Japanese yen
- REUTERS/Shohei Miyano
Performance against US dollar: 1.0%
5. Indonesian rupiah
- Thomson Reuters
Performance against US dollar: 2.5%
4. Mexican peso
- Jose Luis Gonzalez/REUTERS
Performance against US dollar: 2.8%
3. British pound
Performance against US dollar: 3.4%
2. Canadian dollar
- REUTERS/Mark Blinch
Performance against US dollar: 3.5%
1. Russian ruble
- REUTERS/Ilya Naymushin
Performance against US dollar: 10.2%
Now read more markets coverage from Markets Insider and Business Insider: