Forex - U.S. Dollar Falls as Trump Attacks Fed By Investing.com

Forex - U.S. Dollar Falls as Trump Attacks Fed

Forex Aug 07, 2019 11:22AM ET

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Forex - U.S. Dollar Falls as Trump Attacks Fed

Investing.com - The U.S. dollar dove on Wednesday before recovering slightly after U.S. president Donald Trump reiterated his accusations that the Federal Reserve is not cutting rates fast enough.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.1% to 97.335 by 10:51 AM ET (14:51 GMT), after reaching a one-day low of 97.178.

Trump’s comments were made after three other countries’ central banks cut rates.

New Zealand’s central bank unexpectedly cut its benchmark policy rate to an all-time low, while the central banks of India and Thailand also cut rates due to slowing economic growth.

Trump tweeted that the Fed needs to “cut rates bigger and faster,” and that "our problem" was not China, but the U.S. central bank.

Meanwhile tensions between the U.S. and China continued to weigh, as investors flocked to gold and other safe haven assets. The price of gold reached a six-year high after the People’s Bank of China fixed the Chinese yuan just slightly below 7 per U.S. dollar.

The Japanese yen, which is seen as a safe-haven in times of market turmoil, rose with USD/JPY falling 0.6% to 105.85. The euro was higher, with EUR/USD rising 0.1% to 1.1211, while GBP/USD slipping 0.1% to 1.2150.

Russia jumps to become third-largest market for yuan payments amid sanctions By Reuters - Aug 18, 2022 1

(Refiles story to give more clarity in headline) LONDON (Reuters) - Russia has charged up to third place in a list of countries outside mainland China using the yuan for global...

Russian rouble leaps to more than 3-week high near 59 vs dollar By Reuters - Aug 18, 2022 2

MOSCOW (Reuters) -The rouble surged to more than three-week highs on Thursday against the dollar and euro and Russian stocks edged higher, helped by stronger oil prices and an...

Dollar bounces as Fed seen keeping up aggressive rate hikes By Reuters - Aug 18, 2022 2

By Karen Brettell NEW YORK (Reuters) - The U.S. dollar index hit a three-week high on Thursday as investors reevaluated Wednesday's minutes from the Federal Reserve’s July meeting...

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