An accelerating decline in the U.S. dollar is reverberating around the world, adding fuel to a global momentum rally that has boosted prices for everything from technology stocks to gold.
At the same time, further dollar weakness would likely be an unwelcome development for economies such as Europe and Japan, as their own rising currencies threaten to weigh on growth and efforts to spark inflation. A weaker dollar makes U.S. exports more competitive abroad and helps U.S. multinational companies by making it cheaper for them to convert profits back into their home currency. That's potentially good news for a rally in U.S. stocks that has slowed in recent weeks after coming within distance of all-time highs.
But a weaker dollar may be of little near-term political benefit to President Donald Trump, who is seeking a second term in the November elections and has complained that the currency's multi-year rally hurts U.S. manufacturers. Other assets are already benefiting from the dollar’s drop. Gold, which like many commodities is priced in the U.S. currency and becomes more affordable to foreign buyers when the dollar falls, stands near its historic high, part of a rally that has driven the S&P/Goldman Sachs Commodity Index 34per cent higher since late March, as of Monday.
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