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USD rallies as Trump casts doubt over May's Brexit deal

USD rallies as Trump casts doubt over Mays Brexit deal

New York: The US dollar rose against other major currencies in late trading on Tuesday, as the sterling declined after President Donald Trump said Britain's Brexit deal might undermine trade between the two countries.

"I think we have to take a look at seriously whether or not the UK is allowed to trade. Because you know, right now, if you look at the deal, they may not be able to trade with us," Trump said Monday. In response, British Prime Minister Theresa May on Tuesday defended her Brexit plan, saying that the UK "will be able to do trade deals with countries around the rest of the world", Xinhua news agency reported.

"As regards the United States, we have already been talking to them about the sorts of agreements that we could have in the future," she said.

The dollar also extended gains after Federal Reserve Vice Chairman Richard Clarida said on Tuesday that the central bank would further back interest rate hikes in a speech delivered to bankers in New York.

"A monetary policy strategy must find a way to combine incoming data and a model of the economy with a healthy dose of judgment and humility to formulate and then communicate a path for the policy rate most consistent with our policy objectives," he said.

In late New York trading, the euro fell to 1.1295 dollars from 1.1329 dollars in the previous session, and the British pound was down to 1.2733 dollars from 1.2811 dollars in the previous session. The Australian dollar was down to 0.7223 dollar from 0.7228.

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