Joe Biden will take over the White House in Washington, D.C., next week. In the currency market, a discussion always comes up if the new president trusts a strong dollar or belongs to the doves seeking help for a weakening greenback. Naturally, such speculations have been going on since Biden won the election, and it’s actually quite a good question.
Outgoing President Donald Trump had, among other things, a very strong focus on getting industrial jobs back to the US. This required that the country’s competitiveness improves, and a currency devaluation is the quickest, short-term way to do that. This was the reason many investors feared that Trump would publicly argue for a weaker dollar, though he never really did. Could this be because he could be heavily countered by Treasury Secretary Steve Mnuchin?
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