Dollar Will Move On From Trump Comments: 3-Minutes MLIV

Watch on YouTube ↗  |  January 28, 2026 at 09:32  |  3:12  |  Bloomberg Markets
Speakers
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist

Summary

Mark Cudmore of Bloomberg MLIV discussed President Trump's comments on a weaker dollar, saying they add little new information and should be discounted. He remains structurally bearish on the dollar and expects the rest of the world to outperform the US. He is nervous about the unsustainable pace of gains in risk assets but would not panic as an investor, while a strong 40-year JGB auction eased near-term bond-market risk.

  • Trump's weaker-dollar comments were characterized as old news with little market information.
  • Mark Cudmore remains structurally bearish on the US dollar, expecting 2026 depreciation.
  • The macro backdrop is seen as supportive for global investors, with rest-of-world equities outperforming the US.
  • Short-term risk assets are viewed as vulnerable to an unsustainable pace of gains, though no investor panic yet.
  • The 40-year JGB auction went well, reducing the risk of a bond-market attack this week.
  • Bond-market stability is highlighted as important for broader risk sentiment.
Ideas
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 0:14
Structurally bearish dollar despite old Trump comments.
The dollar is in a structural downtrend that began at the start of last year; the pause in H2 was temporary and 2026 is expected to be another year of depreciation. President Trump's comments welcoming a weaker dollar are not new and have almost no informational value, so they should be discounted as a fresh catalyst, but the speaker remains structurally bearish.
USD HIGH
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 1:56
Risk asset gains unsustainable; nervous short-term.
The pace of gains in many assets is unsustainable and crazy. He is not expecting the FOMC or earnings to be the catalyst that turns it around, so he is nervous as a short-term trader; however, as an investor he would not panic yet and does not think it is time to call the move over.
Global risk assets MED
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 2:04
Rest of world beats US equities.
The macro backdrop is very supportive for global investors, and the rest of the world continues to outperform the US; this dynamic reflects current conditions and makes fundamental sense.
VXUS HIGH
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 2:47
JGB auction strong; bond market stable.
The 40-year JGB auction was a key risk catalyst this week and went really well, which is a real positive. It suggests the bond market will not come under attack this week, and the bond market has been incredibly stable over the past few days; a renewed bond-market attack would be the main vulnerability for broader assets.
Japanese government bonds HIGH
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This Bloomberg Markets video, published January 28, 2026, features Mark Cudmore discussing USD, Global risk assets, VXUS, Japanese government bonds. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mark Cudmore  · Tickers: USD, Global risk assets, VXUS, Japanese government bonds