Contrary to the article, I thought that it was the $2.6T tax holiday (significant even to the currency market) which Trump promised that caused the currency speculation and rapid rise in the dollar. It may be true that most of the money is held by big corps offshore as $ denominated securities... but it still seems like a transfer out (and directly spending those untaxed $ in the US) would necessitate someone else (foreign?) buying those securities with other currency (and those offshore banks maintaining $ reserves). That should cause a medium term (years) rise in the $ relative to those currencies.

https://www.bloomberg.com/news/articles/2016-11-17/a-2-6-tri...