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Setback for Trump agenda leaves dollar stranded

Tuesday, July 18, 2017 - 01:02

The dollar falls to a 10-month low, bearing the brunt of a selloff triggered by another setback to U.S. President Donald Trump's agenda. Grace Lee reports.

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Asian shares falling from more than two-year highs Tuesday (July 18). News the U.S. healthcare overhaul has stalled out in the Senate hitting financial markets hard. As well the dollar - already down in early trade - extending losses and slipping to a 10 month low against other major currencies. Analysts telling Reuters falling popularity for U.S. President Donald Trump is weighing down the currency and raising doubts among investors over how the rest of his agenda will play out. Fading expectations for a U.S. interest rate hike also hitting the dollar after Fed Chair Janet Yellen sounded a cautious tone last week. And downbeat U.S. economic data on Friday dragging down the greenback even further. Japan's stocks falling in particular in reaction to the dollar's weakness, but overall sentiment in Asia propped up by positive GDP data from China this week, setting the world's number 2 economy to meet its 2017 growth goals.

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Setback for Trump agenda leaves dollar stranded

Tuesday, July 18, 2017 - 01:02