Greenback edges down as Trump tells currency is 'getting too strong'

Greenback edges down as Trump tells currency is 'getting too strong'

On Thursday, the evergreen buck dipped broadly, getting to a five-month minimum against the Japanese yen, after Donald Trump helped to accelerate its recent drop by telling the currency was too strong.

The US dollar took a heavy hit after Trump said that the major American currency is getting extremely strong and he would prefer the Fed to keep interest rates low.

The comments turned to be a fresh reminder of Trump’s protectionist trade rhetoric that has been a source of concern for greenback bulls.

The US dollar sank 0.3%, hitting 108.805 yen, having dipped to a five-month minimum of 108.730. Then, in an evident bearish technical signal, the currency pair managed to break below its 200-day moving average of 108.75.

The major American currency has edged down 2% vs. the yen this week. By the way, the Japanese yen is already on a bullish footing due to a surge in geopolitical tensions.

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