U.S. Markets

Trump targets euro, renews attack on U.S. Fed

FILE PHOTO: U.S. President Donald Trump delivers a speech during the French-USA Commemoration marking the 75th anniversary of the Allied landings on D-Day at the Normandy American Cemetery and Memorial in Colleville-sur-Mer, France June 6, 2019. Ian Langsdon/Pool via REUTERS

WASHINGTON (Reuters) - U.S. President Donald Trump accused Europe of devaluing the euro zone’s single currency in a series of tweets on Tuesday that also targeted U.S. monetary policy with renewed attacks on the U.S. central bank.

“The Euro and other currencies are devalued against the dollar, putting the U.S. at a big disadvantage,” Trump tweeted without offering any evidence.

He also slammed U.S. interest rates for being too high and criticized the U.S. Federal Reserve.

“The Fed Interest rate way to(o) high, added to ridiculous quantitative tightening! They don’t have a clue!” wrote Trump, who has long broken with decades of precedent set by previous U.S. presidents who distanced themselves from the nation’s monetary policy.

The central bank, whose political independence is seen as key to economic stability, is under pressure amid the Trump administration’s ongoing trade wars and other signs of potential economic weakness.

The Federal Reserve’s Federal Open Market Committee, charged with setting key U.S. interest rates, could decide to cut rates in coming months given recent weak job and inflation data.

Trump on Tuesday again waded into the issue.

“The United States has VERY LOW INFLATION, a beautiful thing!” he tweeted, followed earlier attacks on the Fed on Monday.

Reporting by Susan Heavey; Editing by Chizu Nomiyama; Editing by Chizu Nomiyama