Dollar tumbles on month-end moves, Scaramucci departure

Reuters/Sam Forgione/07-31-17

The U.S. dollar hit a more than 2-1/2-year low against the euro on Monday on month-end portfolio adjustments and uncertainty over the U.S. political outlook after the departure of White House communications director Anthony Scaramucci.

The euro hit more than 2-1/2-year peaks against the dollar earlier in the session on month-end buying and euro zone inflation data that kept expectations for a more hawkish European Central Bank alive. It extended gains to trade as much as 0.8 percent higher against the dollar on the day after the New York Times reported U.S. President Donald Trump had decided to remove Scaramucci.

The White House later said Scaramucci was leaving the job after little over a week. Scaramucci’s departure follows one of the rockiest weeks of Trump’s presidency in which a major legislative effort – a healthcare overhaul – failed in Congress and both his spokesman and previous chief of staff left their jobs.

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