The U.S. dollar rose against a basket of currencies on Monday as investors looked past comments made by President Donald Trump over the weekend regarding the greenback.
The U.S. dollar rose against a basket of various currencies on Monday as investors looked past comments made by President Donald Trump over the weekend regarding the greenback.
The moves came after Trump said on Saturday he was not pleased with how strong the dollar had become relative to other world currencies."I want a dollar that's great for our country but not a dollar that's prohibitive for us to be doing business with other countries," he said. "I think currency investors are looking past those remarks," said Aaron Hurd, senior portfolio manager of currency at State Street Global Advisors. The reason is"it's unlikely Trump is going to be able to change the [Federal Reserve] outlook. When the Fed was hiking every quarter and projecting another hike, Trump would say something that would raise some concern that maybe he could change the Fed's trajectory and have them slow down.
The Federal Reserve signaled earlier this year it will be"patient" in raising rates this year after hiking four times in 2018.Trump criticized the Fed's decisions throughout 2018. In October, he said the central bank had"gone crazy" by continuing to raise rates.
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