Trump’s Break With Jobs Precedent Disturbs Normal Dollar Calm
(Bloomberg) -- The jobs storm came early this month.
President Donald Trump’s tweet signaling a favorable jobs report roiled the dollar market in the hour before the data’s release, disrupting what’s normally a quiet time on currency desks.
The Bloomberg Dollar Spot Index rose 0.19 percent from the time Trump tweeted at 7:21 a.m. in Washington until the confidential number was released 69 minutes later. At a big picture level, a move of that size is hardly noticeable or notable. But compared to prior periods, it was big.
The dollar’s move was more than two times larger than any other seen in the hour before a jobs report stretching back to last June. The next largest move during that time period was a 0.08 percent drop last November.
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