The dollar index (DXY00) today is down by -0.22%. The dollar is under pressure today over the Fed's independence after President Trump moved to fire Fed Governor Lisa Cook, citing "sufficient cause" based on allegations she made false statements on one or more mortgage loans. If Mr. Trump succeeds in firing Fed Governor Cook, foreign investors may lose faith in the Fed and the dollar and swap their dollar assets into other non-dollar investments.
The dollar recovered from its worst levels after Fed Governor Cook said she will not resign and will fight any attempt by President Trump to fire her. Also, today's stronger-than-expected US capital goods and consumer confidence reports were supportive for the dollar.
