The strength of the U.S. dollar has long been a thorn in President Donald Trump&...
NEW YORK - The strength of the U.S. dollar has long been a thorn in President Donald Trump’s side. That has put the almost unthinkable scenario of currency intervention up for debate in global foreign exchange circles.
The last big concerted effort to weaken the dollar was after the Plaza Accord in 1985 when five of the largest industrialized countries agreed to act to bring down the value of the dollar. “I think with this administration the mantra always has to be ‘everything is on the table’,” Gennadiy Goldberg, senior interest rates strategist at TD Securities, told the Reuters Global Markets Forum on Tuesday.
The United States’ most recent intervention in currency markets was in 2011, when it joined other countries in a concerted intervention to weaken the yen after the Japanese currency appreciated sharply following a massive earthquake in Japan. Additional funds can be generated by ‘warehousing,’ where the Fed and the U.S. Treasury swap foreign-currency holdings.
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