Analysts at Capital Economics believe the United States will return to a more traditional approach to the greenback under Joe Biden’s administration, and they expect the overall effect of economic policy to favor a weaker dollar. The site fxstreet.com reported in a recent article that.
On economic and foreign policy, the Biden administration seems to favor a more traditional approach
“As in many areas of economic and foreign policy, the Biden administration seems to favor a more traditional approach. His Treasury secretary, former Fed Chair Janet Yellen, noted in her Senate confirmation hearing that she believes “the value of the U.S. dollar and other currencies should be determined by markets” and that “the United States should not seek a weaker currency to gain a competitive advantage.
“This does not mean, however, that the Biden administration will be indifferent to the dollar’s exchange rate: Yellen went on to say that the U.S. should also oppose efforts by other countries to keep their currencies artificially weak.”
Source: fxstreet.com
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