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[ConferredDiligence]

Dollar Tumbles To Session Lows On Mnuchin Devaluation, Trade Deficit Warning.

And this event today...

First, the dollar dropped following comments from commerce secretary Wilbur Ross, who said that he expected to start renegotiating NAFTA within two weeks and that Japan will be high on the list for trade agreements.

Now, in a second salvo against the strong dollar on the same day, Bloomberg reports that during his first appearance at next week's G-20 meeting in Baden-Baden, Germany, Treasury Secretary Steven Mnuchin plans to drive home the message that the U.S. won’t tolerate countries that engage in currency devaluation to gain an edge in trade, a statement which would clearly refute Mnuchin's recent praise for a stronger dollar, and provides further evidence that the Trump administration's preliminary focus will be on getting the dollar weaker, not stronger, which may in turn impact the Fed's decision-making, especially if indeed Yellen hopes to hike rates three (or more) times in 2017.

http://www.zerohedge.com/news/2017-03-10/dollar-tumbles-session-lows-mnuchin-devaluation-trade-deficit-warning