EURUSD Tumbles After ECB Accuses US Of Manipulating Currency

In a shocking moment of frankness, and perhaps desperation, European Central Bank Governing Council member Ewald Nowotny commented in an interview with Wiener Zeitung this morning that: (via Google Translate)

Q. Is US President Donald Trump with his idiosyncratic style of government and his tweets a danger or an uncertain factor for the international financial and economic world?

Ewald Nowotny: Yes, definitely. What surprises us very much are two things.

On the one hand, that the U.S. Treasury purposely pushes down the dollar and wants to keep it low;

and on the other hand, that there has been no one in the vicinity of Donald Trump, where there are a number of sensible people, who has had a positive influence on the President and his politics.

Nowotny’s standing as a senior member of The ECB suggests this is worth paying attention to and EURUSD has extended its early losses – now down to near 3-week lows…

 

Pushing the Dollar Index back above Mnuchin Masscare highs…

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