The U.S. dollar is unlikely to make significant moves higher in the near term because of the ballooning budget deficit, Jeffrey Gundlach, the billionaire chief executive of DoubleLine Capital, said on a webcast presentation on Tuesday.
Gundlach noted the inverse correlation between the dollar and the twin deficit - the U.S. deficit plus the trade deficit - which has increased dramatically because of the government's stimulus efforts to combat the effects of the coronavirus shutdown."The dollar looks terrible," he said, and"the biggest reason is the way in which we're gunning the twin deficits."
As the Federal Reserve and Treasury Department have issued unprecedented levels of monetary and fiscal stimulus, the amount of public debt outstanding has increased 15per cent in the first half of 2020 year-over-year, according to Gundlach.
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