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Trump prompted a USD dump on Thursday,........>

FOREX: Trump prompted a USD dump on Thursday, after the greenback had rallied
through much of the European session. The President stated his discontent with
rising interest rates, adding that a strong USD can make the U.S. uncompetitive.
The move was limited by a White House spokesperson clarifying that Trump's views
are well known and that he respects the independence of the Fed, with a modest
bounce observed in the USD. 
- The initial headlines saw USD/JPY print a low of Y112.06, as the move tipped
EUR/USD through the Asia and Jul 18 highs. Commodity-tied FX was hampered by
industrial metals falling sharply on trade concerns.
- A poor UK retail sales number earlier pushed GBP/USD below $1.30 for the first
time since August of last year, adding to the string of poor data that may force
the BoE to re-consider its rate hike intentions.
- USD/CNH had traded above CNH6.80, before Trump highlighted that the Chinese
currency is dropping like a rock.
- Focus Friday turns to Japanese and Canadian CPI, Canadian retail sales, and a
speech from Fed's Bullard.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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