USD Trading Mixed After Donald Trump Renewed His Attack on Fed
Australian dollar and New Zealand dollar are the strongest ones today but upside is very limited. Meanwhile, Japanese yen, Swiss franc and Canadian dollar are the weaker ones today. US dollar is trading mixed after US President has repeated his attack on Fed and on Jerome Powell personally.
On stock markets, DOW gained 0.44% to close at 24748.73. S&P 500 added 0.33% and NASDAQ gained only 0.01%. In Asia, Nikkei added 1.00%, Hong Kong HSI rose 0.91%, China Shanghai SSE increased 0.79% and Singapore Strait Times gained 0.23%.
US President Donald Trump renewed his attack on Federal Reserve and its Chairman Jerome Powell, telling he’s “not even a little bit happy” with his choice to head the central bank. He went further and said “Fed is a much bigger problem than China”.
Some Fed officials had a speeches yesterday. James Bullard (St. Louis Fed President) said “I don’t have any reason to doubt the economy will slow in 2019 and 2020. It would be much tougher for the Fed to continue to raise at this pace in a slowing economy relative to where we have been.”
Meanwhile, Richard Clarida (Fed Vice Chair) said that the US economic fundamentals are “robust”. And if the economic expansion continues in 2019 as he expected, “this will become the longest US expansion in recorded history”.
The US will release Q3 GDP revision. American economic growth in the third quarter is expected to remain at 3.5%. The US economy expanded in July, August and September though moderating from the 4.2% growth of the second quarter. A strong labor market with 3.7% unemployment, good job creation and rising wages supported a healthy consumer sector.