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The US dollar fell Thursday to its highest level in a year after President Donald Trump voiced concerns over the strength of the Fed's currency and interest rate hikes.
In an interview on CNBC television, Trump said the strong dollar "puts us in an unfavorable position," pointing out that the Chinese yuan continues to decline, and the strength of the currency that make the country's exports more expensive .
Trump also said that he was not satisfied with the restrictive monetary policy. The White House then sought to soften the tone of Trump's comments, saying the president respected the independence of the Federal Reserve and did not intervene in his monetary policy decisions.
Analysts said Trump's comments could signal a turning point for the dollar's uptrend this year, and that the dollar is being supported by potential increases in US interest rates. Since its three-year low against a basket of six major currencies in February, the dollar index has risen 8.3%.
After Trump 's comments today, the dollar index fell, but rose 0.1% to 95.174. At the beginning of the session, the index reached a high of 95.652 in one year and the dollar fell to a one-week low against the Japanese currency, hitting a record low of 112.45 yen, down 0.3% from the beginning of the session. In late trading, the dollar also trimmed its gains against the Chinese currency to 0.6% to 6,789 yuan and since the beginning of the year, the yuan has lost more than 4.0% against the greenback.
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