Finally, the US dollar has been penalised by the presidential election. Financial markets like stability, so the prospects of a change in the presidency make the recovery more uncertain. Historically, volatility in the stock market rises in the months leading up to an election , and this weakens investors’ demand for dollars. Investors also fear that Donald Trump is not coping with the COVID-19 crisis, especially on the health front.
On the other hand, all countries with their currencies pegged to the dollar have become more competitive. This has offset the damage from both the pandemic and declining oil prices.On the whole, we shouldn’t worry too much about the weaker dollar. It is still relatively strong, having appreciated 17% against the euro between 2010 and 2020 even allowing for its current weakness.
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