- The U.S. dollar fell again today, following President Trump’s attacks on Fed Chair Jerome Powell and reports that Trump may name a replacement for him soon. Investors fear Trump’s influence could undermine Fed independence, leading to lower interest rates and worse inflation. Bond markets are seeing major outflows. Despite this, U.S. stocks remain resilient, with the S&P 500 near record highs.
The dollar has lost 10.48% of its value against other currencies on the DXY index, year to date. Currencies usually move against each other in fractions of a percent, so that’s a relatively massive collapse in value. The dollar was down 0.55% this morning, at the time of writing.
