Dollar Index Falls To A Low Of 97, Hitting 3-Year Low
The DXY dollar index falls to a low of 97.024.
The dollar hits a three-year low and faces further falls if President Trump selects a replacement for Federal Reserve Chair Jerome Powell early, MUFG Bank's Lee Hardman says in a note.
The Wall Street Journal reported that Trump was toying with this idea amid frustration over Powell's careful approach to interest-rate cuts.
An early replacement could be used to undermine the Fed's policymaking under Powell, providing a further potential trigger for a loss of investor confidence in the dollar, Hardman says. "A candidate who is perceived as being more open to lowering rates in line with Trump's demands would reinforce the dollar's current weakening trend."
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