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'Dollar Smile' Theory Developer: New Cycle of USD Depreciation May Have Begun
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US President Donald Trump said to reporters in Iowa that the recent depreciation of the USD is greatly beneficial to US firms. Although his remarks are consistent with past statements by US officials, his remarks still shook currency markets yesterday (27th), with the USD experiencing its largest single-day drop since the implementation of last year's tariff policy. This is partly because his comments provided a reasonable explanation for the recent sharp decline of the USD. Stephen Jen, founder of Eurizon SLJ Capital and a former currency strategist at Morgan Stanley that developed the 'dollar smile' theory, said that the Trump administration's attitude towards USD likely marks the start of a new depreciation cycle, as the target exchange rate aims to support US exporters. AASTOCKS Financial News Website: www.aastocks.com |
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