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From CNN Business' Anneken Tappe
It's inflation week on the US economic calendar, with the producer price index due at 8:30 am ET today and the consumer price index following suit at the same time tomorrow.Notwithstanding the PPI consensus forecast of 2% year-over-year, and the CPI expectation of 1.9% year-over-year, President Trump called US inflation"very low".
Trump has been calling on the Federal Reserve to cut interest rates to boost economic growth. The inflation rate is an important factor in the central bank's decision making process.,"The Fed interest rate way too high, added to ridiculous quantitative tightening! They don't have a a clue!" Trump went on to say that the strength of the US dollar was leaving the United States at a"big disadvantage" and that rival currencies like the euro had been devalued against the greenback.
Currencies trade in tandem with each other, for example, when the dollar strengthens, the euro weakens. This wasn't the first time that Trump called the European Union a currency manipulator, although it has never officially been named that.
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