Associated Press
- President Trump said in a tweet Wednesday that the US dollar reached its highest-ever level the previous day.
- That is not correct. While one dollar measure did hit a 2019 high on Tuesday, it’s far from the highest in US history.
- We provide four data points showing that the dollar is not at a record high relative to other currencies around the world.
- Watch the US Dollar Index live on Markets Insider.
President Trump knows that the US dollar is strong, but he seems confused about its strength relative to history.
On Wednesday, Trump tweeted another message of discontent aimed at Federal Reserve Chair Jerome Powell. That included another mention of how strong the dollar is, with Trump saying "yesterday, ‘highest Dollar in US History.’"
It was the latest entry in Trump’s crusade for a weaker dollar, which he says will give the US a leg up in the ongoing global trade war. He’s continuously lashed out at the Fed and Powell as the reasons for the greenback’s strength.
But the president’s claims about the greenback’s place in history are simply not true. Although one dollar measure maintained by Bloomberg hit its highest level of the year on Tuesday, it’s far from the highest reading of all time. In fact, other gauges are dollar strength aren’t even close to year-to-date highs.
Here are four data points that show where the US dollar stands against other currencies right now, relative to history. Each one handily dispels the notion that the greenback is at record strength:
- US Dollar Index
- Currently: 98.19 — only the strongest dollar since early August 2019
- Record USD strength: 164.72 (Feb. 25, 1985)
- % from record: 40%
- Euro-USD
- Currently: 1.11 — only the strongest dollar since late July 2019
- Record USD strength: 0.64 (Feb. 26, 1985)
- % from record: 42%
- USD-Japanese yen
- Currently: 106.47 — only the strongest dollar since March 2018
- Record USD strength: 358.44 (Jan. 13, 1971)
- % from record: 237%
- USD-Chinese yuan
- Currently: 7.06 — only the strongest dollar since February 2010
- Record USD strength: 8.73 (Jan. 25, 1994)
- % from record: 24%
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Source: Business Insider – feedback@businessinsider.com (Carmen Reinicke)