Whether or not the White House choreographed the dollar's slide to its lowest level in three years, the U.S. administration is certainly providing ammunition for those betting that the greenback will continue to weaken.

The U.S. currency is caught in the rhetorical crosshairs after Treasury Secretary Steven Mnuchin laid out the benefits of a weaker dollar for the American economy at Davos on Wednesday. The comments came days after U.S. President Donald Trump stepped up his protectionist push by slapping tariffs on solar panels and washing machines. Subsequent remarks by Commerce Secretary Wilbur Ross, suggesting that Mnuchin has not shifted America's long-standing strong-dollar policy, did little to slow the currency's depreciation.