The pattern has been repeated. The Federal Reserve, to which he appointed the Chair, and several governors do not move as quickly as the President wants on monetary policy. He responds by escalating the trade tension, delivering the independent central bank a fait accompli. Increasing the trade conflict succeeds where the unusual and repeated protestations of the dollar's strength fail, pushing the greenback lower in the foreign exchange market.
Until the end of the last week, relatively narrow trading ranges characterized the major currencies. The euro did make a marginal new low following another disappointing