Gold prices extend gains as dollar sags after Donald Trump remarks


The dollar dipped on Tuesday in Asia after Donald Trump hit out at the Federal Reserve's interest rate rises and accused it of not backing his economic plan, while most equity markets edged up ahead of highly anticipated China-US trade talks.

In currencies, the dollar came under pressure after Trump reiterated his displeasure at the Fed's rate hikes, saying the central bank should do more to help him boost the USA economy.

Keeping global trade conflict concerns on the boil, Trump said in an interview with Reuters on Monday that China was manipulating the yuan to make up for having to pay tariffs imposed by Washington on some imports from China.

Asked if he believed in the Fed's independence, Trump said: "I believe in the Fed doing what's good for the country". Next time he mutters veiled threats against the Fed, some real turbulence could ensue.

The president spooked investors in July when he criticized the US central bank over tightening monetary policy. Describing policy as "accommodative" would at some point "fairly soon", no longer be appropriate, the minutes said.

The Fed, which released the readout from its July 31-Aug.

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The Fed is expected to raise rates twice more this year.

USA stocks fluctuated and the dollar fell following the report.

"I'm not thrilled with his raising of interest rates, no".

The central bank is created to be independent from political interference.

"Am I happy with my choice?"

Mr. Trump's comments about Mr. Powell were first reported by Bloomberg.

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"While Trump's displeasure for rising interest rates is nothing new, and the Fed maintains full operational independence, markets remain attentive to such comments", wrote strategists at ANZ.

"I'm very concerned, especially given this very divisive and highly politicised environment, that bringing the Fed into that environment could complicate the Fed's communications [to the public], its support in the Congress and among the American people", said Donald L Kohn, who spent 40 years at the Fed and retired as its vice chairman in 2010.

The president nominated Powell previous year to replace former Fed Chair Janet Yellen. The president does choose members of the policy-setting Fed Board, and in addition to Powell, he has appointed one Fed governor and nominated three others.

After sliding to a two-year low of 15.70 last week as the Turkish crisis triggered a broad flight from emerging markets, the rand has regained some ground, advancing around 8% in the last seven days as the greenback's rally faltered.

"We do our work in a strictly nonpolitical way, based on detailed analysis, which we put on the record transparently, and we don't take political considerations into account", Powell said in the interview.

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