Hieronder volgt een kort commentaar in het Engels van Bart Hordijk, valuta-analist bij Monex Europe op het vanmiddag bekend gemaakte ontslag van de Amerikaanse minister van buitenlandse zaken, Rex Tillerson en de eventuele consequenties voor de US dollar.
Donald Trump gave his Secretary of State Rex Tillerson the boot and one might question: “Who’s still left to correct the course of the Trump galleon if its capricious captain steers it astray?”
The Oval Office is not necessarily a beacon of stability with a staff turnover that approaches the rate of turnover of people in the rollercoaster carts of a theme park. This political uncertainty may now severely start to weigh on the dollar as economic agents across the globe lose trust in the ever-so-stable, good ol’ greenback.
The International Monetary Fund keeps track of the amount of foreign reserves countries hold in US dollar. The greenback has always been the default reserve currency, but during the first three quarters of Trump’s administration this has declined globally with 1.8% to 63.5%. This means global dollar demand has declined by $174 billion. Next month the IMF comes with fresh figures in the meantime Trump’s protectionism, Mnuchin stating “a weak dollar is good for trade” and the worrying staff turnover rate indicate that this trend may continue in the coming quarter as well.