TRUMP: The strong dollar is 'killing us'

pulse

January 17, 2017 2:56 PM

The dollar is tumbling.

Screen Shot 2017 01 17 at 7.45.29 AM

The US dollar index was down by 1% at 100.51 as of 7:44 a.m. ET.

The index's drop follows two comments from President-elect Donald Trump in an interview with The Wall Street Journal.

Trump said the border-adjustment plan, a proposal that would tax imports and exempt exports, was "too complicated." Additionally, he said the dollar was "too strong."

"Our companies can't compete with them now because our currency is too strong. And it’s killing us," Trump told The Journal, referring to competition from China.

"The investment community, like Americans themselves, is grappling with how literal to take the seemingly visceral remarks," Marc Chandler, the global head of currency strategy at Brown Brothers Harriman, noted. "In the larger picture, of the numerous factors that impact foreign exchange rates, the wish and desires of officials do not often seem to be particularly salient."

"The current USD correction could continue for a few more days as positioning clears out, but we believe this will ultimately create opportunities for FX investors," a Morgan Stanley team led by Hans W. Redeker argued. "Strong US data should continue to be the main source of support for USD, focused against low-yielding DM."

As for the rest of the world, here's the scoreboard as of 7:55 a.m. ET: