Gold prices extend gains as dollar sags after Donald Trump remarks

Share

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.

No. 11 ranking in preseason Top 25 is just right
This also represents the 60th time that Oklahoma has appeared in the preseason AP poll, second most behind Ohio State (65 times). Additionally, of its 60 appearances in the AP preseason poll, 42 have seen OU ranked seventh or higher.

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.

Pope Francis expresses "shame and sorrow" over sex abuse by clergy
Pope Francis has been very clear there will be zero tolerance of sexual abuse by the clergy and cover-ups by the church hierarchy. Conference of Catholic Bishops Committee for the Protection of Children and Young People, I have asked them myself.

"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.

Netflix cancels comedian Michelle Wolf's show
On Sept. 14, the platform will debut Norm Macdonald Has a Show and on October 28, Patriot Act with Hasan Minhaj will premiere. The streaming service has canceled The Joel McHale Show with Joel McHale and The Break with Michelle Wolf , EW has confirmed.

Share