US President Donald Trump has criticized US Federal Reserve policy, rising interest rates and a strong US dollar as other central banks' monetary policies remain unchanged and his desire to reduce the US trade deficit, especially with China. Trump continued to threaten China with new tariffs of up to $ 500 billion if they did not back down on its trade policies.
The dollar fell after Trump's comments from highest level in a year, as the dollar index fell to its lowest level since July 17 at 94.52. The US dollar also recorded its lowest level against the Japanese Yen since July 11 at 111.71.
On the economic calendar today, Canada's inflation data came in stronger than expected, with the annual Consumer Price Index up by 2.5%. The Bank of Canada aims to keep inflation at the midpoint of 1-3% in the medium term. In the wake of the data, the Canadian dollar rose against its US counterpart, as USDCAD fell to its lowest level since July 17 at 1.3114.
Trump's comments continue to press the USD
US President Donald Trump has criticized US Federal Reserve policy, rising interest rates and a strong US dollar as other central banks' monetary policies remain unchanged and his desire to reduce the US trade deficit, especially with China. Trump continued to threaten China with new tariffs of up to $ 500 billion if they did not back down on its trade policies.
The dollar fell after Trump's comments from highest level in a year, as the dollar index fell to its lowest level since July 17 at 94.52. The US dollar also recorded its lowest level against the Japanese Yen since July 11 at 111.71.
On the economic calendar today, Canada's inflation data came in stronger than expected, with the annual Consumer Price Index up by 2.5%. The Bank of Canada aims to keep inflation at the midpoint of 1-3% in the medium term. In the wake of the data, the Canadian dollar rose against its US counterpart, as USDCAD fell to its lowest level since July 17 at 1.3114.
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