SocGen FX strategist Kit Juckes said measures by the Trump team—from pressuring
the Fed to potential direct FX intervention and efforts to push down US Treasury
yields—have weaker consistently signaled a desire for a dollar. With multiple
policy levers pointing in the same direction, a key market question is how to
prevent further dollar weakness or at least limit resulting offshore capital
outflows; historically excess global savings flowed into the US, but attracting
those funds may become more costly going forward.
