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Dollar Drops on Trump Comments as May Boosts Pound: Markets Wrap

  • President-elect said the U.S. currency is already ‘too strong’
  • Pound surges after U.K. PM pledges parliamentary Brexit vote
Bloomberg business news

Best Day for British Pound Since 2008

Updated on

Politics dominated global markets as the dollar weakened after the president-elect called the U.S. currency “too strong” and the pound rallied on British Prime Minister Theresa May’s plans to leave the European Union. Bonds advanced with gold.

The greenback fell against most peers after Donald Trump told the Wall Street Journal its value is too high in part because China holds down its own currency. Sterling posted its biggest rally against the dollar since the global financial crisis and the Bloomberg Commodity Index rose to the highest since July. U.S. stocks retreated, while European shares pared losses.