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Dollar Tumbles as Trump Blasts China, EU 'Currency Manipulation', Fed Rate Hikes, Strong Dollar

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By Tyler Durden  /  ZeroHedge

After bouncing yesterday following White House reassurances of Fed independence and PBOC’s big weakening of the Yuan fix, the dollar is tumbling again this morning… accelerating after Trump tweeted that ”China, EU are manipulating their currencies,” adding that Fed “tightening now hurts all that we have done.”

Donald J. Trump✔@realDonaldTrump

China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day – taking away our big competitive edge. As usual, not a level playing field…

5:43 AM – Jul 20, 2018

Donald J. Trump✔@realDonaldTrump

….The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates – Really?

5:51 AM – Jul 20, 2018

And the dollar was not happy…

As the dollar sinks, gold is jumping…

And stocks are unable to hold a bid ahead of the open…

Perhaps more worrying for the market is a renewed correlation between stocks and the yuan…

Here’s why…

It seems $500bn matters after all.

https://www.zerohedge.com/news/2018-07-20/dollar-tumbles-below-trump-dump-lows-stocks-fade

Read more great articles here: https://www.zerohedge.com

 

 

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