I think so because the way I am reading it Trump and Mnuchin told me so.
- Trump wants the USD lower to
a) help American exporters export more (goods become cheaper for foreign buyers if the USD is worth less)
b) help make American based businesses more competitive by raising imported good prices (goods imported become more expensive if the dollars to buy them are worth less)
- Mnuchin wants to work with Trump to get the USD lower
a) Mnuchin said in his testimony the USD is very high and explained why
b) Then hedged by saying in the long run a strong USD is in the US national interest (it’s the period between now and the long run that currency traders should be focused on)
The price action since Thursday 15:00GMT when Mnuchin started speaking so far slightly favors a weaker USD (despite the media’s spin that Mnuchin favors a stronger USD).
The zerohedge article tells the full story and to me Mnuchin is setting the stage for a “USD markdown”