Photo: NBU press service

President Donald Trump said that he is satisfied with the fall of the dollar, which is at its lowest level since the beginning of 2022, writes Bloomberg.

"I think it's great. The dollar is doing great," Trump told reporters on Tuesday.

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His words fueled speculation that the US currency could enter a longer decline, the agency said.

"This may well be the beginning of the next phase of the dollar's decline – and many are not ready for it," suggested Stephen Jen, founder of Eurizon SLJ Capital, even before Trump's speech. He noted that "an entire generation of analysts are used to working in a strong dollar and a strong US economy and are unable to imagine a scenario where the dollar is weaker and the economy remains strong."

The weakening dollar pushed the euro and pound to their highest levels since 2021, and the Swiss franc reached its highest level since 2015. In Asia, the South Korean won and the Malaysian ringgit were the top performers.

Gold soared to a new all-time high of over $5300 per ounce.

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However, not everyone believes that Trump's statements are the beginning of a long sell-off in the dollar.

"President Trump's comments seem to indicate that the US administration is not opposed to the recent dollar weakness, in part because Washington wants to see currencies like the Chinese yuan and Japanese yen strengthen. I don't think the president is trying to provoke a generational shift in the dollar's status, but the uncertainty in the US currency position adds another layer of risk," said Rodrigo Cattrill, currency strategist at National Australia Bank.

Goldman Sachs Vice Chairman Robert Kaplan emphasized that the continued weakening of the dollar poses a number of threats to the US economy.

"Yes, a weaker dollar stimulates exports. But the U.S. has $39 trillion in debt, which is headed for more than $40 trillion. With that kind of debt, currency stability is probably more important than exports," he said in an interview with Bloomberg Television.