Chart of the day: Asian currencies get Trump boost
Last week, US President Donald Trump said: “I do like a low-interest-rate policy. I think our dollar is getting too strong. There’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good.” Sure enough, Asian currencies strengthened, a trend in place throughout this year so far. Leading the pack on the way down (fewer currency units needed to buy one US dollar) with a 7 per cent gain is the Japanese yen, which is often used as a measure for risk aversion. Close on its heels are the Indian rupee and the Korean won – the latter interestingly leading in February and March – both 5 per cent stronger. Only the Hong Kong dollar is 0.077 per cent weaker.
Nicole Elliott is a technical analyst