Hamilton Crawford: US Dollar to Drift Lower in 2017
Hamilton Crawford - Greenback's decline set to continue as Trump administration grapples with scandal and ineptitude.
Shanghai, China, August 11, 2017 (Newswire.com) - Hamilton Crawford: The US dollar could continue to track lower against the currencies of its biggest trading partners as the Trump administration finds its efforts to implement policy frustrated by distractions related to the 2016 presidential election and by dissent within the Republican Party.
Even though the administration has been in power for six months, key policies including the repeal and replacement of the Affordable Care Act, construction of the border wall between the US and Mexico and the controversial travel ban he imposed on people from seven mainly Muslim countries have faced stiff opposition from all quarters.
Mr. Trump came to the White House perceived by the business community as being someone who could kick start the economy with fiscal spending and corporate tax cuts but, if the deadlock of the last 6 months is anything to go by, it appears his abilities may have been somewhat overstated.
Hamilton Crawford, Strategist
A global markets strategist at Shanghai, China-based boutique brokerage, Hamilton Crawford remarked that Mr. Trump came to the White House perceived by the business community as being someone who could kick start the economy with fiscal spending and corporate tax cuts. He was mindful of the fact that, if the deadlock of the last 6 months was anything to go by, it appears his abilities may have been somewhat overstated.
The US dollar index (DXY) has slipped by 7% since the start of the year amid fears that Mr. Trump will continue to find his hands tied by a combative Congress.
The dollar index has been sliding despite the fact that the Federal Reserve has been raising interest rates this year. Despite the fact that markets appear to be pricing in further rate hikes this year, investors are diversifying into other assets and currencies.
Hamilton Crawford has advised clients to increase exposure to emerging market currencies and precious metals adding that both asset classes stood to gain from a continuing slide in the dollar’s fortunes.
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Source: Hamilton Crawford