U.S. Dollar Falls On Trump's Comments
July 20 2018 - 12:02AM
RTTF2
The U.S. dollar slipped against its major counterparts in the
Asian session on Friday, in reaction to overnight comments from
U.S. President Donald Trump indicating discomfort with the Federal
Reserve's interest rate increases.
"I'm not thrilled," Trump said in the interview with CNBC.
"Because we go up and every time you go up they want to raise rates
again. I don't really — I am not happy about it."
"Our currency is going up, and I have to tell you it puts us at
a disadvantage."
Trump said that the Chinese yuan "has been dropping like a
rock," which harms U.S. trade deals.
Meanwhile, Asian markets were mixed after China allowed its yuan
currency to slide further to its lowest level in a year, stoking
concerns that China could turn a trade war into a currency war.
Worries about the European Union imposing retaliatory tariffs on
U.S. goods also weighed on investor sentiment.
The greenback edged down to 0.6765 against the kiwi, 1.3246
against the loonie and 0.7384 against the aussie, from its early
high of 0.6720, session's high of 1.3290 and more than a 2-week
high of 0.7318, respectively. On the downside, 0.69, 1.30 and 0.75
are likely seen as the next support levels for the greenback
against the kiwi, the loonie and the aussie, respectively.
The greenback reversed from its early highs of 1.2995 against
the pound and 1.1626 against the euro, ticking down to 1.3036 and
1.1674, respectively. The greenback is likely to target support
around 1.32 against the pound and 1.18 against the euro.
Pulling away from its early highs of 1.0010 against the franc
and 112.62 against the yen, the greenback ticked down to 0.9981 and
112.21, respectively. The greenback is seen finding support around
0.98 against the franc and 111.00 against the yen.
Looking ahead, U.K. public sector finance data for June is due
in the European session.
In the New York session, Canada retail sales for May and
consumer inflation for June are scheduled for release.
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