The U.S. dollar has been steadily falling since President Trump took office in January, but foreign-exchange expert Douglas Borthwick says that's due to the new U.S. leader talking the greenback down rather than markets rejecting The Donald.
"The U.S. government right now and Trump for sure has gone out and said: 'Look, we want a weaker dollar. The way we make the U.S. work competitive is having a weaker dollar,'" Borthwick said Wednesday during TheStreet's monthly Trading Strategies roundtable. "That's a different mantra from what you're hearing elsewhere, where most folks come out and say the dollar is weakening because nobody likes Trump."
The U.S. Dollar Index, which measures the greenback's value against a basket of currencies, has fallen from about 101 the day prior to Trump's inauguration to 96.68 Wednesday.
But Borthwick said the dollar "is moving in the direction that Trump wants. He doesn't look at this and think: 'Oh, goodness me, the dollar is weakening. This is terrible! He's thinking: 'This is great, because it's great for America. It's great for competitiveness.'"
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