GBP/USD POSITION TAKER: Square.
About face on several issues
In an interview yesterday with the Wall Street Journal President Trump said that the U.S. dollar ‘is getting too strong’ and he would prefer the Federal Reserve keep interest rates low. ‘I do like a low-interest rate policy, I must be honest with you. I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting—that will hurt ultimately. Look, there’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good.
He also said that China was not artificially weakening its currency, that he liked and respected Janet Yellen, that NATO was not obsolete, and that diplomatic relations with Russia today were possibly at a new all-time low. All change!