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Dollar dips as edgy market reacts to Comey's sacking

May 10, 2017, 7:17 AM EDT
(Source: 401(K) 2012/flickr)
(Source: 401(K) 2012/flickr)

U.S. President Donald Trump’s sudden decision to sack FBI Director James Comey not only shocked the political circles but also prompted a jittery reaction from the markets with dollar moving down against pound.

The move, which analysts say reflects “Trump’s erratic approach,” could stall the approval of the stimulus policy that markets have been hoping for, notes The Guardian. The action may strain Trump’s relation with Congress, which holds relevance for market.

Recently, dollar had been trading strong against a basket of six major currencies owing to rising U.S. yields but Comey’s dismissal gave away the gains, writes Reuters.

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