Dollar resumes downtrend on Trump attack on Fed

US dollar fell against a basket of major currencies today, to resume its downtrend, after it was temporarily halted yesterday, as President Trump continued to put pressure on the Fed for more deep rate cuts, after the Fed cut the interest rate for the second time this year, while it trimmed the odds for continuing the easing of monetary policy.

The dollar index fell by 0.3% to 98.25 points, from the opening of 98.57, with an intraday high of 98.62.

Yesterday, the dollar rose by 0.35%, after the closure of the Fed meeting while it shed 0.45% in the previous day.

President Trump said in a tweet yesterday that Powell and the Fed "No guts, no sense, no vision".

Which came after the Fed unveiled its decision for the second rate cut this year, and didn't respond to Trump's demands to cut it more sharply to boost US corporate's global competitiveness.

The US Federal Reserve cut interest rates yesterday by 25 basis points, which is the second rate cut since 2008, to protect the US economic growth.

The vote for the cut was 7 vs. 3 members of the FOMC, which resulted in lowering the lending rate to 1.75% from 2.00%.

While the US Federal Reserve Chairman Jerome Powell said that the US economy and the labor are still strong, and the cuts are measures to protect the economy, and stated that any decisions to cut or raise interest rates will be based on the economic situation.