Weaker EUR Against USD, Trump Tweets Accusing ECB President and China
- Trade Magnates Team
- Jun 19, 2019
- 1 min read
Updated: Jun 21, 2019
After ECB President, Mario Draghi, speech which was implying that more rate cuts may be on the table, the EUR has dropped against the dollar.
Draghi’s speech triggered a heated Tweet from the US President, Donald Trump, accusing Draghi and China of weakening currencies to profit more economically and following unfair practices to compete with the USA.
The trade war is one of the main focus and cause of market volatility since started. Trump has said that he had a very progressive call with the Chinese president, and they will meet at the G-20 summit that will take place next week which caused the Chinese stocks to rise by 2% this morning.
On the other hand, Trump has been asking the Fed to cut rates as they rose to 2.5% in the last 3 years and it seems the central bank is tending to do so by the end of this year.
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