Forex
Trump Team Tries to Block Fed Rate Hike Ahead of Key Meeting
The Trump administration is urging the Federal Reserve to reconsider raising interest rates, which could happen at their next meeting in ten days. The president and his team have made public statements expressing concerns about a potential rate hike, with President Trump specifically mentioning that he believes the US dollar imbalance with Canada is unacceptable.
Currency analysts are also watching the AUD/USD exchange rate, with some of them calling for a retreat to 0.7080-0.7000 before rebuilding long positions. The Australian Dollar has been trading above JPMorgan's preferred entry level, reaching as high as 0.7214 on Friday.