Nomura FX Strategy Research notes that with the recent sudden drop in USD/CNY occurring around the same time as President Trump was criticizing German trade, there may be a renewed focus on US trade policy by policymakers around the world.
In that regard, Nomura notes that the appointment and confirmation of Robert Lighthizer as US Representative for Trade three weeks ago provides an impetus for a renewed focus on US trade policy by policymakers around the world as he is a known trade hawk and critic of US trade imbalances with China.
“Therefore, we think the implicit weak dollar policy of the US may reassert itself over the coming months,” Nomura argues.
Source: Nomura Securities Research
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