When President Donald Trump fired the head of the US’s Bureau of Labor Statistics this month, claiming the department’s statistics were “manipulated for political purposes”, markets lurched in revulsion.
Commentators saw the US taking a large stride backwards from its status as leader of developed economies. The dollar immediately tumbled and gold prices jumped.
This reaction matters because investors worldwide were already nervous about owning too many US dollar investments. This news only energised a growing conviction by them to seek other places to put their money, including the emerging markets.
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