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U.S. Dollar Flat as Trump Renews Fed Criticism

4/16/2019, 11:47:15 AMMarket Analysis
U.S. Dollar Flat as Trump Renews Fed Criticism

The greenback remained under pressure Monday as investors remained cautious after U.S. President Donald Trump renewed his criticism of the Federal Reserve over the weekend.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.1% to 96.495 as of 10:52 AM ET (14:52 GMT).

On Friday, Trump blamed the Fed for slowing growth in the U.S. and falling stock prices due to its tightening monetary policy, saying via Twitter that “it the Fed had done its job properly, which it has not, the Stock Market would have been up 5,000 to 10,000 additional points, and GDP would have been well over 4% instead of 3%.”

Trading is expected to be slow this week, as markets are closed for the Easter holiday on Friday.

The dollar rose against the safe-haven yen, with USD/JPY gaining 0.02% to 112.00.

Elsewhere, sterling was higher, even as U.K. Prime Minister Theresa May said the country was making plans for a hard Brexit despite an October deadline for the country’s exit from the European Union. The U.K. had originally been due to leave the EU on March 29, but the deadline has since been extended multiple times. GBP/USD inched up 0.2% to 1.3108.

Elsewhere, USD/CAD rose 0.5% to 1.3382 and EUR/USD inched up 0.05% to 1.1306.