- "A weaker dollar is good for us as it relates to trade and opportunities," said U.S. Treasury Secretary Steven Mnuchin this morning, shocking his listeners as he held court in Davos.
- While the comment is probably just stating the obvious, Treasury Secretarys typically just say a strong dollar is good for the U.S., and move on to the next subject.
- Mnuchin's remark has helped pushed the dollar to new lows on this bear run, with the greenback now at its weakest in more than three years. The PowerShares U.S. Dollar Index Bullish ETF (NYSEARCA:UUP) is down 0.95%, a pretty whopping one-day move.
- The euro (NYSEARCA:FXE) earlier popped above $1.24 for the first time in more than two years. It's currently higher by 0.8% to $1.2395.
- The pound (NYSEARCA:FXB) is up 1.55% to $1.4213, now completely erasing its post-Brexit-vote plunge.
- The yen, loonie, aussie, and swissie are all also enjoying big moves today, and U.S. stock averages are all carving out new records.
- ETFs: UUP, FXE, EUO, FXY, FXC, FXA, YCS, FXB, UDN, CYB, FXF, ERO, CNY, USDU, JYN, GBB, DRR, FXS, ULE, CROC, YCL, EUFX, FXCH, URR, DAUD, DCHF, DEUR, DGBP, DJPY, UAUD, UCHF, UEUR, UGBP, UJPY
- Now read: The Fall In USD Is Just The Start Of A Multiyear Downtrend And The Start Of A Multiyear Uptrend In Commodities
Original article