The rand climbs as dollar hit by Trump Fed comments

Wall St. rises on trade optimism pares gains after Trump Fed commentsMore

President TrumpDonald John TrumpArizona GOP Senate candidate defends bus tour with far-right activist Alyssa Milano protests Kavanaugh in "Handmaid's Tale" costume Bomb in deadly Yemen school bus attack was manufactured by United States firm: report MORE on Monday ramped up his criticism of Federal Reserve Chairman Jerome Powell and the central bank's interest rate hikes in an interview with Reuters.

The rand's 3-day Relative Strength Index (RSI), used to identify oversold or overbought signals by comparing the current price to previous periods, dipped below the 70-mark overnight indicating a reversal of the recent bear trend.

Past presidents from both parties have sought to insulate the central bank from political pressure, anxious it could taint the Fed's decision-making and erode its credibility with the public.

In an interview with Reuters Trump said he was "not thrilled" with Federal Reserve Chairman Jerome Powell for raising interest rates, causing the greenback to slide to its lowest level since August 9.

"Of course the president respects the independence of the Fed", the White House spokeswoman Lindsay Walters told Business Insider at the time.

A Fed spokesperson declined to comment.

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I repeat: I want him to play well, I want him to [do] for that team, the fans, and that is what it is. We never had a heated exchange of words, everything is respected, I have no problems at all.

"What Trump is anxious about is that the Fed has, in my own words, growth phobia", Stephen Moore, a Republican economic commentator who advised Mr. Trump during the 2016 presidential campaign, told the Wall Street Journal.

Almost eight in 10 economists believe the Fed's interest rate policies are "about right", according to a survey released Monday by the National Association for Business Economics.

Powell has described the economy as "strong" numerous times this summer, but he also sees this as an opportune time to lift interest rates back to normal levels after years at historic lows, a Fed effort to stimulate the economy in the aftermath of the financial crisis and Great Recession. That's the highest in 11 years. "I'm not thrilled", Trump said in an interview with Reuters. He voted in lockstep with Yellen, who also supported gradual rate hikes in her final years leading the Fed.

"Am I happy with my choice?"

"We do our work in a strictly nonpolitical way, based on detailed analysis, which we put on the record transparently, and we don't take political considerations into account", Powell said in the interview. Trump told Reuters, referencing Powell. "I'll let you know in seven years". Powell, a Republican, has repeatedly said that he believes in the Fed's independence and that he and his colleagues that set interest rates will not bow to outside pressure.

Powell is expected to speak on Friday at an annual economic symposium in Jackson Hole, Wyoming.

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