US dollar plunges as Trump admits he's unconcerned with its decline

The dollar fell to $0.83 against the Euro on Tuesday, the lowest it's been since June 2021, after President Donald Trump said that he doesn't care about its continued decline.

“No, I think it’s great,” Trump told reporters in Iowa on Tuesday, according to a report by Bloomberg. The president was responding to a question about whether he was worried about losses in the dollar. “I think the value of the dollar — look at the business we’re doing. The dollar’s doing great.”

The U.S. dollar is one of the world's most sought-after assets. It is used in over 90% of global foreign exchange markets and is a crutch for the global financial system.

Over the last year, the dollar lost around 9% of its value against the Euro, a sign that investors no longer see America's reserve currency as a safe haven.

A weakening dollar can be seen as a sign that inflationary pressures remain, despite Trump's claims that his administration has "beaten inflation."

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