President Donald Trump’s latest Twitter attack on Federal Reserve Chairman Jerome Powell on Friday, accompanied with more complaints about the strength of the U.S. dollar, is stoking long-running fears the administration could break with decades-long orthodoxy to intervene in currency markets.— Donald J.
The remarks were also blamed for a steep stock-market selloff, that saw stocks tumble, with the Dow Jones Industrial Average DJIA, -2.37% declining more than 600 points to end the day down 2.4%, while the S&P 500 SPX, -2.59% shed 2.6%. The U.S. dollar has indeed been strong, with the ICE index up 1.6% in the year to date, while a trade-weighted measure of the currency is near an all-time high. Expectations for the European Central Bank to further cut interest rates into negative territory and potentially unveil other stimulus measures as early as next month have contributed to euro weakness, with the shared currency off 2.8% in the year to date.
Indeed, U.S. intervention could itself backfire, serving to further strengthen the currency after any initial downside reaction, said Steve Barrow, head of G-10 strategy at Standard Bank, in a Friday note.
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