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Treasury Secretary Steve Mnuchin gave the markets a green light to push the U.S. dollar lower in remarks at the World Economic Forum in Davos. Currency traders, already on board the lower-dollar train, didn’t waste time before pushing the throttle. The Dollar Spot Index (DXY) is down 0.86% as of noon New York time to 89.347. Traders have been eyeing the 90 level on the index to see whether support would hold at this level or if the index would break below 90 and set up a move lower.

Seems like they got their answer today.

“Obviously a weaker dollar is good for us as it relates to trade and opportunities,” Mnuchin told reporters in Davos. The currency’s short term value is “not a concern of ours at all,” he said. Traders see the Trump administration’s rhetoric on the dollar as consistent with the recent protectionist moves on washing machines and solar panels. After these remarks, there’s really very little risk in betting that the dollar will move lower.

A lower dollar is good for oil and other commodity prices, for gold, and for shares of U.S. exporters such as Caterpillar (CAT) and Boeing (BA). Caterpillar reports earnings tomorrow, January 25, and I’ll be adding shares to my Jubak Picks and Volatility Portfolios today. Boeing reports on January 31 and I’ll be adding that stock to my Jubak Picks portfolio today as well.