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Forex

Dollar Drops From Highs After Obama Denies Report on Currency Remarks

Guavy AI Editorial Team
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EUR
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The dollar dropped from its 13-year high against the yen on Monday after a wire service report claimed that US President Barack Obama said the strong greenback was 'a problem'. However, Obama and White House officials denied the report, citing an unnamed French official. The euro gained over 1 percent to reach $1.12 against the dollar, boosted by rising German bund yields and solid economic data from Germany.

Obama's reported comments were supposedly made during the Group of Seven (G7) summit in Germany. Bloomberg reported that Obama said the strong dollar was a problem, but he denied making these remarks. The denial came despite an unnamed French official confirming the report to Bloomberg.

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