President Trump railed against the US dollar’s relative strength through much of 2019, but eight major currencies are on track to outperform the dollar this year.
The US dollar index DXY is up roughly 1.2% in the year-to-date, surging in strength despite summer recession warnings and continued trade war tensions. It performed best against the Turkish lira this year, a Bank of America note comparing major currencies said Friday.
Trump reportedly asked White House aides to look into ways to devalue the American currency in early July. A weaker dollar would give the US an advantage in international trade, but currency manipulation would also cut into the country’s reputation abroad. Trump even critiqued China in the summer for how its central bank allowed the yuan to slip below a key psychological level in early August.
Here are the eight major currencies that outperformed the US dollar in 2019, ranked in ascending order. Performance is as of December 11.
8. Singapore dollar
Getty Images / Gavin Hellier
Performance against US dollar: 0.4%
7. Taiwanese dollar
Performance against US dollar: 0.7%
6. Japanese yen
Performance against US dollar: 1.0%
5. Indonesian rupiah
Performance against US dollar: 2.5%
4. Mexican peso
Jose Luis Gonzalez/REUTERS
Performance against US dollar: 2.8%
3. British pound
Performance against US dollar: 3.4%
2. Canadian dollar
Performance against US dollar: 3.5%