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Barchart
Rich Asplund

Fed Turmoil Weighs on the Dollar and Boosts Gold

US Federal Reserve Donald Trump Lisa Cook Gold Oil United States Euro

The dollar index (DXY00) on Tuesday fell by -0.21%.  The dollar was under pressure Tuesday over the Fed's independence and fears about capital flight 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 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, Tuesday's stronger-than-expected US capital goods and consumer confidence reports were supportive of the dollar.

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