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The Guardians of Democracy

Dollar Falls To 10-Month Low Amid Growing Doubts That Trump Can Fulfill His Campaign Promises

ECONOMY

Dollar Falls To 10-Month Low Amid Growing Doubts That Trump Can Fulfill His Campaign Promises





The U.S. dollar has fallen to a 10-month low as banks grow increasingly doubtful that President Trump will be able to fulfill his campaign promises after a series of major setbacks, including the latest setback for the Republican effort to repeal and replace ObamaCare, Reuters reported Tuesday.

The dollar fell to its lowest value since last September.

“The reform momentum of the Trump administration has received another blow,” said strategists at Morgan Stanley, led by Hans Redeker, in a note to clients, according to the news service.

“Clearly anything that comes along at the moment just corroborates the market’s negative attitude on the dollar,” said Neil Mellor, senior FX strategist with Bank of New York Mellon in London.

“There’s just not enough inflation at the moment. And anything like this (defeat for Trump) is liable to push it lower.”



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