The dollar index fell steeply on Thursday morning after U.S. President Donald Trump said that he prefers the Federal Reserve keeps interest rates low because the dollar is too strong. The dollar index plummeted 0.7 percent to 100.07 .DXY, with a 0.5 percent drop in less than 15 minutes immediately following Trump’s statement on Wednesday. The dollar index is still up nearly two percent since Trump won the election.  

“I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting—that will hurt ultimately,” Trump said in an interview with the Wall Street Journal.

In his statement Trump also lent some hope that he may renew Jane Yellen’s term as Chair of the Federal Reserve when her term is up next year.The dollar was down about 0.1 percent on Thursday, trading at 108.9 yen. This decrease followed a 0.55 percent slide on Wednesday in the wake of Trump’s comments.  

Oil Prices Ease 

Crude oil futures slid for a second consecutive session on Thursday morning after enjoying an increase earlier this week, on reports from the Energy Information Administration that U.S. domestic output is continuing to rise.Brent crude futures dropped 0.1 percent to $55.82 per barrel on Thursday morning after hitting a one-month high on Wednesday before reversing course.  

U.S. WTI crude futures also eased 0.1 percent to $53.06 per barrel. The EIA reports followed reports from OPEC that its members had cut production more than expected in March, showing clear commitment to the production cut aimed at stabilizing prices towards the upside.   

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