The dollar falls, but emerging markets rally, after Trump attacks Fed
The dollar falls for a fourth day as the S&P 500 hovers near a record high; emerging market shares gain
New York — The dollar weakened on Tuesday after US President Donald Trump slammed the Federal Reserve for raising interest rates, while global equity markets rose as strong economic and earnings growth favoured stocks in a relatively benign environment. Wall Street shares rose, following stock market gains worldwide, with the benchmark S&P 500 edging closer to an all-time high. Trump said in an interview with Reuters on Monday that he was "not thrilled" with the Fed under his appointee, chair Jerome Powell, for raising rates and that the US central bank should do more to boost the economy. Trump also accused China and Europe of manipulating their currencies. The euro is down about 3.8% so far this year against the dollar, while the Chinese yuan has slipped 5.1% this year against the greenback. "It would appear that Mr Trump would like to keep the dollar a little on the weak side in order to remain competitive," said CMC Markets chief markets analyst David Madden. The dollar index, w...
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