The dollar’s strength is proving resilient despite all of Donald Trump’s attempts to talk it lower.
Policymakers at the US Federal Reserve signalled in minutes published last week that a rate cut, which the US president had lobbied for and which markets are now expecting to be delivered at its next meeting in two weeks’ time, were expected to offset the greenback’s appreciation.
But neither is the dollar showing signs of weakness nor is Mr Trump easing up on his rhetoric. The index measuring the dollar against its peers has risen 2.6 per cent in the past 12 months. Citing dollar strength, the US president has repeatedly put pressure on Fed chair Jay Powell to cut rates. He has also accused a host of countries of currency manipulation, threatening them with sanctions.