Currency War Breaks Out After Trump Accuses China and Europe of Manipulation

Breitbart | 7/20/2018 | Staff
Tanya9 (Posted by) Level 3
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Now it is a currency war.

Wall Street has fretted over the risks of a trade war for months even while economic data continued to pour in showing the U.S. economy is accelerating while the rest of the world slows down. Despite a lot of furrowed brows and fleece-vested flagellation about tariffs, however, the markets for stocks, bonds, and just about everything that can be priced show no signs of stress.

President - Donald - Trump - Conversation - Friday

President Donald Trump changed the conversation on Friday from trade war to currency war when he tweeted that China and the European Union are “manipulating their currencies and interest rates lower.”

Wall Street’s top currency analyst, Jens Nordvig, told Bloomberg that “Trump’s rhetoric over the last 24 hours is certainly shifting this from a trade war to a currency war.”

CNBC - Trade - War - Awhile - Talk

He told CNBC: “We’ve had a trade war that’s been going on for awhile, and now we’re starting to hear talk about ‘you shouldn’t be doing that with your currency.”

“It has now been virtually defined as a currency war by the U.S. president, given that he explicitly suggested foreign countries are manipulating exchange rates for competitive purposes,” Shahab Jalinoos, Credit Suisse Group top currency strategist told Bloomberg.

Trump - Comments - Yuan - Level - Dollar

Trump’s comments came after the yuan fell to its lowest level against the dollar in 2 years and its central bank...
(Excerpt) Read more at: Breitbart
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