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Barchart
Rich Asplund

Dollar Falls as President Trump Looks to Fast-Track His Pick for New Fed Chair

Donald Trump US Federal Reserve Powell Barkin United States Wall Street Journal Richmond Fed the Wall Street Journal GDP Interest Rates

The dollar index (DXY00) today is down by -0.49% at a 3-1/4 year low. The dollar retreated today following a Wall Street Journal report that said President Trump is considering accelerating when he will announce the next Fed Chair.  The dollar remained lower after today’s US economic news of a downward revision in Q1 GDP and a wider-than-expected May trade deficit report, which was a bearish factor for Q2 GDP.

The dollar received underlying support from stronger-than-expected initial unemployment claims, core capital goods orders, and pending home sales reports. Also, hawkish comments from Richmond Fed President Barkin were supportive of the dollar when he said he favors waiting for more clarity before adjusting interest rates.

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