US Pres. Trump: Officials turned down request to adjust US dollar value

Dhwani Mehta FXStreet

Ahead of the release of the US Treasury Department’s long-delayed semi-annual currency report, US President Donald Trump suggested his aides if the exchange rate of the US dollar could be adjusted, in order to counter the alleged yuan manipulation by China.

President Trump noted: “I go to my guys, ‘What about doing a little movement on the dollar?’”

In response, the US officials said: “‘Sir, we can’t do that. It has to float naturally,” as cited by Trump.

China continues to deny the US’ claims of deliberate exchange rate manipulation for its competitive advantage.

Market reaction

The US dollar index paid little heed to the above comments, consolidating Monday’s rally to six-week highs of 93.78. The index trades at 93.56, down 0.11% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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