US Dollar Falls for 4th Straight Day

The US dollar fell 0.39 percent on Tuesday for its 4th straight day in its worst run since March totaling a 1.2 percent fall.

US President Trump criticized the Federal Reserve Chairman Jerome Powell for raising interest rates late on Monday in an interview. He said that the Fed should be helping to boost the economy and he is not thrilled with the rise.

Adding to the slump in the dollar is market speculation over the easing of trade tensions with China. American and Chinese trade representatives are in low-level talks.

China is poised to retaliate to plans by the Trump administration to add further tariffs of $16 billion of imported goods.

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The dollar index which is made up of a basket of six major currencies fell 0.39 percent on Tuesday.
The Federal Reserve which is independent and is seen as important for the economic stability, setting monetary policies has rarely been criticized by American presidents. The latest remarks by President Trump spooked the markets.

The blue-chip S&P 500 index rose to an all-time high gaining 0.6 percent. It is risen more than 7 percent in 2018, with gains of over 15 percent in the technology and consumer sectors. Including 11 percent increase in health-care corporations.

Buoyed by a sharp surge in the American economy Stocks have risen with the gross domestic product at its fastest pace during the April to June period, in four years. With 20 percent profit increases posted for the two quarters by American corporate companies.

Other Currencies

Against the dollar the South African rand, Mexican peso, Polish zloty, Hungarian forint and Thai baht were all higher.

Against the dollar the Japanese yen fell 0.3 percent.

Chinese yuan gained 0.17 percent to 6.8427 per dollar.

The euro gained 0.3 percent to $1.1521.

Commodities

Across the board, commodities benefited from the weakness in the dollar

Spot gold gained 0.28 percent to $1,193.

Brent crude oil gained 0.33 percent to $72.45 per barrel.

West Texas crude gained 1.2 percent to $67.25 a barrel.

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Focus

Investors are now focusing on the upcoming symposium in Jackson Hole, where Fed chairman, Jerome Powell is slotted to speak on Friday, alongside central bankers who are gathering for their annual meeting.
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