U.S. Treasury Secretary's Support for Strong Dollar Policy Fails to Halt Decline, Currency Depreciation Concerns Dominate Market

Odaily News The U.S. dollar exchange rate fell during the Asian trading session on Thursday, halting its rebound from Wednesday, as renewed concerns over potential dollar depreciation outweighed the impact of U.S. Treasury Secretary Besant's reaffirmation of a strong dollar policy. "New Bond King" Gundlach stated that the dollar has not behaved like a safe-haven currency for some time, as investors prefer tangible assets like precious metals. Damien Loh, Chief Investment Officer and Co-founder of hedge fund Ensemble Capital, said, "Besant employed 'strategic ambiguity' when discussing the dollar." He explained, "A comprehensive weak dollar policy, like the one initially advocated by Trump, could create a self-reinforcing trend and spiral out of control, so Besant is trying to temper those expectations, although I believe they still desire a gradual weakening of the dollar." (Jin10)