The dollar index (DXY00) today is down -0.94% and fell to a new 3-year low. The dollar is selling off today on a renewed crisis of confidence in the dollar after National Economic Council Director Hassett said President Trump was contemplating the possibility of firing Fed Chair Powell. The firing of Powell would question the independence of the Fed and further reduce confidence in the dollar, which is already under pressure from President Trump's aggressive trade tariffs that have prompted foreign investors to liquidate their dollar assets. The dollar held its losses after US Mar leading indicators posted their largest decline in 17 months.
US Mar leading indicators fell -0.7% m/m, weaker than expectations of -0.5% m/m and the largest decline in 17 months.
