By SIMON CONSTABLE
A weak dollar is not an America-first dollar. It is an America-last strategy.
Of course, it isn’t at all clear whether pushing the value of the greenback down is the goal of the administration. Wall Street seems divided on the matter.
For instance, a recent report from Brown Brothers Harriman states the following: “Did U.S. Treasury Secretary Mnuchin signal a change in the U.S. dollar policy? Probably not.” The reason, BBH says, is partly because of the Treasury’s urgent need to sell a lot of debt securities, possibly more than a trillion dollars. “It beggars belief that Mnuchin was talking the dollar down, introducing new currency risk, ahead of the quarterly refunding and a significant increase in the supply of Treasuries in the months ahead,” BBH continues. Read more here.
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