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The dollar could have further to fall as its decline creates a 'double-edged sword' for America
The dollar is in a bear market, market watchers said on Wednesday, as one warned the weaker greenback is a "double-edged sword" for the U.S. economy. Â
Tuesday saw the dollar suffer its worst one-day slide since April — when Trump's so-called "liberation day" announcements sparked what became known as the sell America trade. The decline came after the president told reporters in Iowa he believes the dollar is "doing great."
The U.S. dollar index, which measures the greenback against a basket of major rivals, has shed 2.2% so far this year, after falling more than 9% in 2025.
Trump has long touted the benefits of a devalued U.S. dollar in relation to international trade, and openly lambasted countries that intervene in foreign exchange markets to lower the value of their own currencies against the greenback.
Dollar has its worst day since April after Trump says he's not concerned with recent slide
The value of the U.S. dollar plunged Tuesday, after President Donald Trump said he was not concerned about the currency's recent drop.
"I think it’s great," Trump said, speaking to reporters in Iowa, when asked if the dollar's value had declined too much. “The dollar’s doing great.”
Before Trump's comments, the benchmark ICE U.S. Dollar Index was already on pace to record its worst three-day drop since Trump's April 2025 "Liberation Day" tariff rollout.
After Trump’s comments, the value of the dollar as measured by the index sharply extended its slide to as much as 1.5%, putting it on track for its worst one-day drop since April.
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