Published: Tue, January 30, 2018
Markets | By Noel Gibbs

United States dollar falls to 3-year low as world leaders visit Davos

United States dollar falls to 3-year low as world leaders visit Davos

Barring any last minute changes in Washington, Trump will join world leaders and senior executives in Davos for the annual World Economic Forum. He also said he believes that had Hillary Clinton won the nomination that stocks would have fallen 50%. A few hours later, Commerce Secretary Wilbur Ross said no, our strong dollar policy is the same as always.

But many now believe that alongside the strong U.S. economic rally the dollar is set for recovery in 2018.

The kiwi dropped to 73.32 U.S. cents as at 8.25am in Wellington from 73.72 cents immediately before Trump's comments, and down from 73.82 cents yesterday. "But I respect what the president said".

Asked whether there's a resurgence in currency wars, Hammond replied "I hope not" and said Mnuchin is "obviously right that the softness of the dollar is helping USA exports, US manufacturers, reassert their position".

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"The dollar is going to get stronger and stronger, and ultimately I want to see a strong dollar", Trump said during a CNBC interview in Davos, Switzerland.

Large currency fluctuations have implications for global trade, which has been a major topic at the WEF.

The multinational trade deal is set to go ahead after a year of renegotiations, following the US's withdrawal in early 2017.

Meanwhile, the U.S. dollar traded at 0.8043 euro, down 0.0063 euro; gold was up US$13.72 to US$1,363.43 per ounce as at 1.03pm. "We are not looking to get into trade wars". I don't think the trend is about that. We're in the process of renegotiating that. At the same time, he's likely to argue that his "America First" agenda has an worldwide angle and that others should share it. "And we've had very specific conversations with other countries".

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She said Mnuchin's comment only weakened investor confidence.

While the rise in the Canadian currency has been impressive, analysts also stressed that much is dependent on the direction of the US dollar.

Canada's inflation report for December is due on Friday, which could help guide expectations for further Bank of Canada interest rate hikes.

U.S. Advance GDP is expected to come in at 3.0%, down slightly from the previously reported 3.2%.

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This is turn could potentially reverse the impact of the monetary stimulus the European Central Bank had been injecting into the Eurozone over the past three years. "We'll need legislation. But that's been a big priority of the president, and we look forward to it". We want people to do business here with the new tax plan. Should an excessively weak dollar put these investors off, the resulting higher interest rates and other developments could end up weighing down the economy.

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