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CURRENCIES: Dollar Slips As Trump Blames Fed For Markets Not Trading More Bullishly

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04/15/2019 | 11:15am EDT

By Mark DeCambre, MarketWatch

The U.S. dollar extended a recent downtrend on Monday that saw it lose further ground against most of its major rivals, as President Donald Trump over the weekend delivered his latest salvo against Federal Reserve monetary policy.

On Sunday , Trump said the stock market and U.S. economic expansion would be stronger if not for the Fed, leveling a fresh assault against the central bank run by Chairman Jerome Powell, even as the institution has adopted a wait-and-see approach to further interest-rate increases and is set to end the unwind of its $4 trillion balance sheet.

"Quantitative tightening was a killer, should have done the exact opposite!" Trump said in a tweet:

(http://twitter.com/realDonaldTrump/status/1117428291227533312)

The ICE Dollar Index, a measure of the greenback's strength against six of its closest trading rivals, was down 0.2% to 96.833. Last Friday, the index hit an intraday low at 96.75, its lowest level since March 28, and it notched its first weekly loss since the week ending March 12, according to data from FactSet data.

The euro was most recently changing hands at $1.1312, compared with $1.1301 late Friday in New York.

"A further headwind for the greenback was provided by President Trump, once again pointing the finger at the Fed and its tightening policies. This time the U.S. president blamed the central bank for standing in the way of a more successful stock market," wrote Ricardo Evangelista, senior analyst at ActivTrades, in a Monday research note.

In economic data , the New York Fed's Empire State business conditions index rebounded to a reading of 10.1 from a nearly two-year low of 3.7 in March. Economists had expected a reading of 10, according to a survey by Econoday.

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.37% 27265.5 Delayed Quote.16.48%
NASDAQ 100 0.23% 7923.889355 Delayed Quote.23.77%
NASDAQ COMP. 0.18% 8219.744398 Delayed Quote.22.78%
S&P 500 0.29% 2993.58 Delayed Quote.18.74%
US DOLLAR INDEX 0.14% 97.29 End-of-day quote.0.63%
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