Trump Comments Weigh on Dollar
The dollar is beating a swift retreat this morning after Bloomberg Businessweek published a late-June interview in which Donald Trump took aim at overvaluation in the currency, suggesting that he might take policy actions to depress it against the yuan and yen. The renminbi is inching higher, but the Japanese yen is up more than a full percentage point against the greenback, and most other majors are strengthening in relative terms. This comes after yesterday’s June retail sales report provided another reminder of the golden rule in global economics: never, ever bet against the American consumer. So-called “control group” receipts...