U.S. Dollar Extends Slide After Trump Comments
April 12 2017 - 11:03PM
RTTF2
The U.S. dollar continued to be weak against the other major
currencies in the Asian session on Thursday, in the wake of U.S.
President Donald Trump remarks saying that the currency was getting
too strong and and he preferred the Federal Reserve to keep
interest rates low.
While Speaking in an interview on Wednesday, the U.S.President
Donald Trump said the dollar was "getting too strong,".
Trump also said that "it's very, very hard to compete when you
have a strong dollar and other countries are devaluing their
currency,". The president also mentioned that he will not label
China a currency manipulator.
Wednesday, the U.S. dollar had fallen 0.43 percent against the
euro, 0.43 percent against the pound, 0.42 percent against the
franc and 0.56 percent against the yen.
In the Asian trading, the U.S. dollar fell to a 1-week low of
1.0677 against the euro and a 10-day low of 1.0008 against the
Swiss franc, from yesterday's closing quotes of 1.0664 and 1.0030,
respectively. If the greenback extends its downtrend, it is likely
to find support around 1.08 against the euro and 0.99 against the
franc.
Against the pound, the yen and the Canadian dollar, the
greenback dropped to more than a 2-week low of 1.2574, nearly a
5-month low of 108.72 and a 1-1/2-month low of 1.3229 against the
Canadian dollar, from yesterday's closing quotes of 1.2544, 108.99
and 1.3246, respectively. The greenback may test support near 1.27
against the pound, 107.00 against the yen and 1.30 against the
loonie.
Looking ahead, Swiss PPI for March and Bank of England's credit
conditions survey data are due to be released later in the day.
In the New York session, Canada new housing price index and
manufacturing sales data, for February, U.S. PPI for March, U.S.
weekly jobless claims for the week ended April 8, U.S. University
of Michigan's preliminary consumer sentiment index for April and
U.S. Baker Hughes rig count data are slated for release.
At 10:00 am ET, Bank of Canada Governor Stephen Poloz is
expected to testify along with Senior Deputy Governor Carolyn
Wilkins before the Standing Senate Committee on Banking, Trade and
Commerce, in Ottawa.
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