The U.S. dollar traded lower Thursday, putting the currency on track to book its third consecutive losing session.

The Dollar Index, is trading down 0.5% to 95.033, around a 10-day low.

The greenback, which tends to rise in turbulent times, is lagging behind as the public spat between President Donald Trump and the Federal Reserve continues. On Thursday, Trump said the Fed was "getting a little too cute," adding "it’s ridiculous what they're doing." And in a White House briefing Thursday US afternoon, the president addressed his concerns on the rising U.S. dollar.

"The dollar is very strong, very powerful. And that causes a little difficulty with doing business, frankly. A strong dollar doesn't necessarily mean all good, but we do have a very strong dollar," he said.

Trump's comments come after U.S. equities had their worst day in more than eight months Wednesday, led by the tech-heavy Nasdaq COMP which slumped more than 4% and closed below its 200-day moving average for the first time since July 2016.

"The USD is buckling under political pressure from Presidents Trump's 'Fed is crazy' comment, but indeed the severity of this equity rout could bring the hawkish Fed narrative into question," wrote Stephen Innes, head of Asia-Pacific trading at Oanda.

The Japanese yen USDJPY arguably the No. 1 haven currency, is trading at 112.329 up from Thursday low of 111.832 and its sixth consecutive down session.

The euro EURUSD has extended its resurgence for the third day, after making a"doji" closed on Tuesday, the single currency is trading at $1.16052.

There's enough risk weighing down the euro to sink a battleship, but the single unit has caught a reprieve from broad-based USD selling rather than any significant shift in EU sentiment. 

The People's Bank of China nudged the yuan USDCNY  to 6.9098 per dollar, from 6.9072 on the prior session, inching toward the psychological level at 7.00.

"Amid the continued trade spat between the U.S. and China, more losses are expected in the China yuan with focus on the psychological 7.00 level. Offshore one-year non-deliverable forwards contracts (NDFs), a proxy for forward-looking market expectations of the yuan's value, trades at 7.0490 and thus confirming a potential move through the 7.00 area," wrote Justin McQueen, currency analysts at DailyFX.

The British pound GBPUSD is holding steady above $1.32325 as concerns around Brexit have been put on the back burner given the turmoil in global equities.


Source: MarketWatch