The dollar was trading at 100.62 against a broad trade-weighted basket of its peers and is down almost 3.5 percent from a near 15-year peak of 103.82 hit on January 3.
Woo expects the currency to climb this year, yet predicts dollar trading will become increasingly volatile after Trump's inauguration Friday, making bullish wagers less appealing. Gold was perched comfortably at a two-month high above 1215 dollars per ounce. "He's trying to talk the dollar down while his policies are going in another direction".
The onshore yuan traded in Shanghai rose 0.62 per cent or 430 basis points to close at 6.8560 yuan per USA dollar on Tuesday, the highest of the year and the strongest in a month.
"We learnt during the week that Chinese exports and imports jumped in November driven by stronger external demand, domestic recovery and rising prices", he said. "And it's killing us", Trump told the Wall Street Journal. "Some investors have started to take profits, which has led to the sharp fall of the U.S. dollar against other currencies including the yuan", Lo said.
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In corporate news, even Morgan Stanley's expectations-beating trading up, reporting an 83% surge in fourth-quarter earnings that was the bank's strongest since the financial crisis, was not enough to prevent a sell-off in the financials sector. On Tuesday, Fed Governor Lael Brainard said expansionary fiscal policy would likely continue to propel the dollar higher, pressuring economic growth and inflation. We can assume his fast fingers, accustomed to tweeting about stocks, could also end up being used to jawbone the dollar lower when he thinks it's too strong - a problem I discussed lately in reference to the Plaza Accord. The US dollar floats freely in the currency markets, and as a rule, the federal government doesn't act directly to influence its value vis-a-vis other global currencies.
Furthermore, economists emphasized that the value of the dollar is not in itself a policy goal - but rather, the inevitable outcome of other factors, including the strength of the USA economy and global investment patterns.
Rapid gains in the dollar would be a key risk to USA corporate earnings. However, the U.S. is party to worldwide agreements against unilateral currency manipulation.
"It's a complicated and weird idea", says Westpac currency strategist Sean Callow of the Republican export-promoting tax plan, which, it has been argued, would lead to a higher United States dollar.