President Donald Trump loves to trumpet the record run in U.S. stocks.
“Stock market hits another high with spirit and enthusiasm so positive,” he tweeted on July 12, in one of eight posts about the market this month.
But he’s hardly tweeted a word about another, less rosy measure of Trump’s America: the U.S. dollar. The greenback has fallen hard on his watch and currency traders are now betting on even more declines.
Is Trump necessarily “bad” for the dollar, that global symbol of U.S. economic might? Probably no more than he is “good” for stocks. And you can argue much of the dollar’s slide — now the longest in six years — has to do with the vagaries of central-bank policy and interest rates. But more and more, it’s the political drama in Washington that is taking center stage. And there’s no better place for investors to express their views about how a nation is managing its affairs than the $5.1 trillion-a-day global market for foreign exchange.