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Trump's comments drop in dollars from its highest level in a year
The US dollar fell from its highest level in a year on the back of US President Donald Trump's comments on currency strength and Fed interest rate increases, the Reuters news agency reported on Friday.
The greenback also shed some of its gains against the Chinese yuan, which earlier fell to a one-year low against the dollar.
In an interview with CNBC , Trump said the strong dollar "puts us in an unfavorable position," pointing out that the Chinese yuan continues to fall.
A currency's strength would make the country's exports more expensive.
Trump also said he was unhappy with the Fed's tight monetary policy, saying he was concerned about its potential impact on America's economy and competitiveness.
The White House later sought to soften the tone of Trump's comments, saying the president respected the independence of the Federal Reserve and did not interfere with his monetary policy decisions.
Analysts said Trump's comments could mean a turning point for the dollar's uptrend this year.
The dollar is supported by possible increases in US interest rates. Since hitting a three-year low against a basket of six major currencies in February, the dollar index rose 8.3 percent.
Following Trump's comments on Thursday, the dollar index turned lower, but recovered later and rose 0.1% to 95.174. Earlier in the session, the index hit a year high of 95.652.
The dollar fell to a one-week low against the Japanese currency and hit 112.45 yen in late trading, down 0.3 percent from the start of the session.
And settled against the European currency at 1.1645 dollars.
In late trading, the dollar also cut its gains against the Chinese currency to 0.6% at 6.789 yuan.
Since the beginning of the year, the yuan has fallen more than 4.0% against the US currency
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