The Bloomberg Dollar Index lost more than 60% of its gains since May 2021 last week. In this respect informs the agency of the same name points out that this is beneficial for US President Joe Biden.
According to Bloomberg, the drop in the dollar index shows that “the US Federal Reserve (Fed) has managed to reduce inflation and end the cost of living for Americans.” Inflation in the US fell to 3% in June, the lowest level in more than two years. According to investors, the Fed may stop its policy of raising interest rates in the face of falling prices.
“All this combined improves the economic prospects of Biden, who is running for a second term. The weak dollar helps producers and exporters, as overseas buyers using foreign exchange can afford to buy more US goods. President Joe Biden is calculating another victory. Too bad he can’t be proud. You won’t hear Biden talk about the dollar.
He explains that investors and foreign governments do not appreciate interference in the foreign exchange market, and Biden has promised to refrain from such interference once he is elected president.
The article ends, “However, whether he mentions it or not, it is a clear victory.”
The Bloomberg Dollar Spot Index shows the US currency weakening. It tracks the performance of a basket of 10 global currencies against the US dollar. BBDXY index data starts on December 31, 2004 with a base level of 1000. While the index was 1220.1 on 13 July 2023, it was 1235.2 on 6 July. At the close of trading on the Moscow Stock Exchange on Friday, the dollar rate fell by 5 kopecks to the opening level of 90.6 rubles.
used to be Aksakov saidWhen it is worth waiting for the collapse of the United States.