The US dollar dropped to brand new lows during the previous session and lost against all other major currencies due to Trump’s statement that other countries such as China, Germany, and Japan caused the devaluation of the dollar in an attempt to keep their own currencies afloat. The dollar’s downfall was further augmented by the decrease in 10-year Treasury yields which dropped significantly down to 2.43%. Moreover, Trump’s remarks have sparked fears across the market that the president’s brash attitude and overly-protectionist policies might soon lead to a currency and trade war, with the US against other major economies such as Canada and the UK.
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