Since Donald Trump was elected US president, capital inflows have pushed up the dollar’s value to levels not seen in more than a decade. But appearances can be deceiving; Trump's presidency will almost certainly be bad for the US economy – and thus for the greenback.

SANTA BARBARA – Since Donald Trump was elected President of the United States, capital inflows have pushed up the dollar’s value to levels not seen in more than a decade. At first blush, it might seem that markets are registering a massive vote of confidence in the president-elect, believing that his policies will be good for the US economy and, by extension, for the dollar.