Trump's Fed attack sees US dollar dive

Trump Attacks Fed Reserve Chairman For Not Acting Like A 'Cheap Money' Central Banker

Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo, said the euro "was already regrouping from its recent rout and Trump's comments gave extra incentive for short positions to be covered in the market".

USA central bankers discussed raising interest rates soon to counter excessive economic strength but also examined how global trade disputes could batter businesses and households, minutes of the Federal Reserve's last policy meeting showed on Wednesday.

Kitco reports that gold prices are posting good gains during the afternoon trading session in the us on Monday, Aug. 20.

Putting aside the substantive merit of Trump's comments, it is worth noting that by simply making his remarks at all the President imperils the smooth operation of the Fed.

It therefore seems rather unusual that he should now be criticising the current incumbent, and his choice as Fed chair for not keeping rates low, and pushing rates higher. He said the Fed was designed so that it would be accountable to policy makers and the public, but it was also created to be somewhat independent from jawboning from the White House.

In his Reuters interview, Trump also accused China of manipulating its currency and said there was little hope of progress in the ongoing trade dispute between the two countries in talks due this week.

Trump, unlike the Fed, doesn't seem concerned with rising prices as the 12-month rate of core inflation in July rose to 2.4%, "a level that hasn't been seen since September 2008", according to MarketWatch. Meanwhile, President Trump appears to be putting his thumb on the scales of this delicate balancing act, if not risking tipping over the scales entirely. He took on the job earlier this year; his term expires in 2021.

The precious metal has come under pressure this year, sliding more than 12% since hitting a high of $1,365.23 in April amid U.S. interest rate hikes and a soaring dollar. Does the Federal Reserve have the means to fight the next recession?

Nationals trade Matt Adams to the Cardinals
The Nationals will receive no player from the Cardinals in exchange for Adams, reports MLB.com's Mark Feinsand . On May 20, 2017, Adams was traded to the Atlanta Braves for minor league infielder Juan Yepez .

Eid Mubarak: Buhari felicitates Nigerians as Muslims mark Eid-ul-Adha
A man herds sheep at a market in Istanbul on August 20, 2018, ahead of the annual Muslim holiday of Eid-ul-Azha. It is celebrated with much more fanfare, as families come together to break their fast with a huge feast.

Wilder And Fury Go Face-To-Face As Fight Is Confirmed
The 32-year-old is quoted by talkSPORT as saying: "I'm looking very forward to seeing Tyson fight, to see what he's going to do". Fury, a 12-round matchup for Wilder's WBC Heavyweight World Championship, will be produced and distributed by SHOWTIME PPV.

Rising interest rates lift the opportunity cost of holding non-yielding metal while boosting the dollar, in which it is priced.

Moreover, a breakthrough in the talks between the United States and Mexico on the North American Free Trade Agreement (NAFTA) has not yet been reached even though Mexico has said they are making "good progress".

The S&P 500 Index rose 0.2 percent to 2,862.96 as of 4 p.m.

The Fed is raising rates in an effort to keep prices stable and to prevent the economy from overheating, but Trump has complained the increased rates are obstacles to economic growth.

"Presidents have always made comments on how they think economic policy should be made, and I've not heard any effort by the president to try to interfere", said Senate Banking Committee Chairman Mike Crapo (R-Idaho).

Platinum rose 0.3% to $795.70, after touching a one-week high of $803.10.

A Fed spokesperson declined to comment. The central bank is created to be independent from political interference.

Corker said, based on his discussions with Powell last week, "I'm certain they're going to continue to be independent and do whatever they feel is appropriate".

Related news:

Hot News

isis-killer-beheading-video-story-top Coconut oil is 'pure poison,' Harvard professor says in talk on nutrition
Aug 23, 2018 - 03:38
The concept of saturated fats being bad for you is nothing new. "It's unhealthy to be eating it", he said. United Kingdom guidelines encourage people to swap saturated fats for unsaturated fats .

isis-killer-beheading-video-story-top Three tied for lead at rain-delayed LPGA event in Indianapolis
Aug 23, 2018 - 03:08
And the two couldn't have taken a more different route. "I was a little tired with right-to-left wind", Park said. Park erased a two-shot deficit over the final four holes. and finished with a 4-under 68 to match Salas at.

isis-killer-beheading-video-story-top Chula Vista firefighters head to Hawaii for hurricane relief
Aug 23, 2018 - 03:01
South Point Road from the Kamaoa Road junction to South Point is closed to all through traffic and open to local residents only. State and County Emergency Management Agency officials are urging residents to stay up-to-date and prepare for Hurricane Lane.

isis-killer-beheading-video-story-top Paul Manafort found guilty on eight counts
Aug 23, 2018 - 00:33
President Donald Trump's former lawyer Michael Cohen walks out of court in New York City, New York , U.S., August 21, 2018 . Cohen is known to have paid adult film star Stormy Daniels and former Playboy model Karen McDougal .

isis-killer-beheading-video-story-top Windows Phone 8’s, Windows 8’s days are numbered, literally
Aug 22, 2018 - 04:09
Windows 8 .x users won't be able to get new apps for their devices starting four and a half year before extended support runs out. If you're still on an older version of Windows, Microsoft has been very clear that it wants you to move on.

isis-killer-beheading-video-story-top Trump seeks to roll back Obama-era coal emissions standards
Aug 22, 2018 - 03:39
Trump's regulations have to go through a 60-day public comment period before they are finalized. The rule also could allow power plant owners to sidestep costly permits for those improvements.

isis-killer-beheading-video-story-top British film director Danny Boyle drops out of Bond film
Aug 22, 2018 - 00:46
Oscar-winning Boyle, who directed Trainspotting and Slumdog Millionaire , was confirmed as the director of the film in May. The film set to release in November 2019 has parted ways with the director due to creative differences.

isis-killer-beheading-video-story-top 95-year old former Nazi labour camp guard deported to Germany
Aug 22, 2018 - 00:43
But " the moral obligation " of taking in " someone who served in the name of the German government was accepted", he said. He lied to immigration officials about human rights abuses, saying he'd spent the war working on a farm and in a factory.

isis-killer-beheading-video-story-top Chelsea prepare new contract offer for Eden Hazard
Aug 21, 2018 - 22:00
I enjoyed the match for 75 minutes, not in the other 15. "Inside there were 15 minutes that were frightful ". I think we have to work and we have to improve.

isis-killer-beheading-video-story-top Nvidia debuts GeForce RTX gaming cards starting at $499
Aug 21, 2018 - 20:53
If you look deeper and closer at the video it is FILLED with hints, and unofficially, it reveals the name of the to be releas. Normally, ray-tracing would take a serious amount of graphical power to run; we're talking Nvidia DXG supercomputer level.

isis-killer-beheading-video-story-top Los Angeles authorities looking into Asia Argento allegation
Aug 21, 2018 - 20:28
As detailed in a New York Times story published Sunday, Bennett claimed Argento sexually assaulted him when he was 17. In addition, Bourdain reportedly told Argento that she wasn't purchasing silence , "only freedom from inconvenience".

isis-killer-beheading-video-story-top Lucid Motors - the Tesla rival that's wooing the Saudis
Aug 21, 2018 - 20:26
But the week ended with reports of an SEC inquiry into the tweets Musk posted that sent that Tesla stock soaring. Her description accompanying the open letter describes her as a "flat shoe advocate and sleep evangelist".

isis-killer-beheading-video-story-top Stormy Daniels quit CBB over row with 'controlling' producers, lawyer claims
Aug 20, 2018 - 08:39
But she pulled out at the last minute, and her lawyer said producers "insisted she conduct herself in a certain way". All isn't lost, however, as rumours are rife that Stormy could still pop into the house for a brief appearance.

isis-killer-beheading-video-story-top Satyameva Jayate box office day 4: John Abraham’s film stays strong
Aug 20, 2018 - 07:57
Also featuring Manoj Bajpayee, Aisha Sharma and Amruta Khanvilkar, the film is directed by Milap Milan Zaveri. Satyameva Jayate also booked a spot on the list of biggest opening day collections of 2018.

isis-killer-beheading-video-story-top Virat Kohli and Rahane help India to 307-6 against England
Aug 20, 2018 - 07:38
Woakes had tea figures of three for 45 from 15 overs whereas fellow pace-bowling all-rounder Stokes had none for 47 in 11. But until his catch to dismiss Kohli, it had been a frustrating day for Stokes, whose 15 wicketless overs cost 54 runs.