Dollar on defensive against yen, euro after Trump comments

Friday, 20 July 2018 08:23 WIB

DOLLAR Yen EuroDolar AS


The dollar was on the defensive against the yen and euro early Friday after U.S. President Donald Trump expressed concern about the currency's strength and the Federal Reserve's interest rate increases.

Trump said in an interview with CNBC on Thursday that a strong dollar puts the United States at a disadvantage, adding that the Chinese yuan “was dropping like a rock.”

A strong currency tends to make a country’s exports more expensive.

Trump also showed displeasure about the Fed’s monetary tightening, saying that he was worried about its potential impact on the U.S. economy and American competitiveness.

The White House later said in a statement that the president respects the U.S. central bank’s independence and was not interfering with its policy decisions.

Against the Japanese yen, the dollar recouped some of its losses after dropping as low as 112.05 yen from a six-month high of 113.18 yen on Thursday. It was down 0.1 percent on the day at 112.38 yen early on Friday.

The euro was 0.1 percent stronger at $1.16545 in the aftermath of Trump's remarks after dipping to a nearly three-week low of $1.5750 on Thursday.

The dollar index versus a basket of six major currencies  was slightly lower on Friday at 95.123, just above the psychologically-significant threshold of 95.

It had dropped from a one-year high of 95.652 to 94.333 following Trump’s remarks before winning back some of its losses.


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