Dollar dented by Trump's Fed comments

23 August, 2018, 22:12 | Author: Eric Barnett
  • Donald Trump

Gold prices eased on Wednesday after touching a one-week high earlier in the day, as the dollar recovered some ground lost to U.S. President Donald Trump's criticism of the Federal Reserve's interest rate hikes.

The dollar, on the ascent in recent months thanks to Fed rate rises and a robust USA economy, stumbled after Trump's latest criticism of the central bank.

In an interview with Reuters published on Monday, the president said he was "not thrilled" with the rate rises under new Fed boss Jerome Powell, repeating comments made last month about the bank's tightening measures.

Although Trump has little direct influence on Powell, his goal of a more favourable position for the USA required a weaker dollar, said BK Asset Management MD Boris Schlossberg.

"I should be given some help by the Fed", Trump said. But Trump has repeatedly lashed out at Fed Chairman Jerome Powell.

The US Dollar has weakened only modestly Wednesday despite news that two of US President Donald Trump's former advisers are facing lengthy prison sentences but its losses could well accelerate despite the currency's status as a safe haven at times of risk aversion.

Interest rates have been historically low for the past decade as part of the central bank's effort to help the economy recover from the Great Recession, and the increases are an effort to return to normal levels and ward off inflation.

"I asked him specifically about the independence of the Fed, and he reinforced the fact that their goal is to [address] unemployment, our economy, and that is their only objective", Scott (R-S.C.) said in an interview.

Wall Street's major indexes rose on Monday on optimism over trade talks between the United States and China, though they fell from session highs after Trump's comments.

A Chinese central bank official said on Tuesday that China had taken note of the USA comments on the yuan, and said the two sides should communicate on the issue.

People's Bank of China official Li Bo also told reporters that China's yuan exchange rate was primarily market driven and that flexibility of the yuan exchange rate had increased.

Shoprite's shares were higher by 3.05% after falling more than 4% on Tuesday on the back of its first annual earnings decline in 19 years. "We do our work in a strictly nonpolitical way, based on detailed analysis, which we put on the record transparently". "This can only happen to Trump", the president reportedly joked. According to Bloomberg, Trump said he expected Powell to be what the news service said was a "cheap-money Fed chairman". "If you look at the transmission from economic growth to earnings growth to shareholder returns, it's strongest in the U.S., it's ok in Europe and pretty weak in EM", said Goldman's Kilmurray, who has been underweight emerging markets for five years.

Kohn said he didn't think Powell or the Fed would change their course because of Trump's remarks.


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