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7/19/2018, 7:35 PM (Source: TeleTrader)
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Dollar pares or reverses gains on Trump's remarks

Stocks in the United States took back a part of daily losses on Thursday and precious metals moved off session lows after President Donald Trump criticized the monetary policy of the Federal Reserve. The dollar pared or reversed gains against major peers as he claimed rate-setters are putting the domestic economy at a disadvantage compared to the European Union and China, adding they benefit from depreciation. The central bank is independent by law and the executive branch has rarely interfered with its strategy in the past.

The euro was 0.23% higher at $1.16652 at 7:33 pm CET, compared to the session low of $1.1575. The pound was down 0.27% at $1.3035, following a drop to $1.2958, unseen since September 5.

The greenback fell 0.54% to ¥112.23. Earlier it climbed to as much as ¥113.176, the highest point since January 9. The US currency was 0.42% in the green, buying 6.7742 offshore yuan, while the official rate was 0.8% higher for the day, at 6.7757 Chinese yuan, after hitting a one-year high today. Among other market moves, US government yields declined further and the curve recuperated after turning flatter.

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