USD Drops After Trump Claims Dollar 'Is Getting Too Strong'
- US Dollar erases gains following comments from President Trump
- Trump says dollar getting too strong because of confidence in him
- Says open to possibility of re-nominating Yellen as Fed Chairwoman
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The US Dollar reversed gains against its major counterparts following the release of comments from President Trump. In an interview with the Wall Street Journal, Trump made claims that the dollar ‘is getting too strong’ and that this will eventually hurt the United States – a USD sell-off ensued in the immediate aftermath of the comments.
In the same interview, Trump also revealed that the United States will not label China a currency manipulator, breaking his election promise. The POTUS included comments regarding the future of Federal Reserve Chairwoman Janet Yellen, saying he likes her, respects her, and leaves the possibility open to re-nominate Yellen.
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