Dollar takes it on the chin as Trump dissolves business advisory panels


A popular gauge of the dollar reversed course on Wednesday, turning negative, following afternoon news that a pair of advisory council’s to President Donald Trump was being disbanded amid a wave of high-profile CEO departures. The ICE dollar index

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which measures the buck against six major currencies, dropped 0.3% to 93.5170, falling into negative territory as reports of the dissolution of the advisory panels, consisting of top Wall Street executives, broke. CEOs, including Merck & Co.’s

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head Kenneth Frazier, quit one of the president’s manufacturing panels in reaction to Trump’s Saturday response to a white-supremacist rally in Charlottesville, Va., over the weekend, which resulted in the death of one woman. Late Tuesday, the president placed blame on “both sides” for the violent clashes, fomenting concerns that he is implicitly advocating for white nationalists and leading to additional departures on Wednesday. Trump announced that both the manufacturing council and the strategy & policy forum will be terminated in a tweet, after reports that suggested that discussions about their dissolution were already in the works. The dollar gauge’s losses accelerated after Fed minutes were released on at 2 p.m. Eastern, suggesting that the central bank was hesitant to commit to dollar-boosting policy amid sluggish inflation.