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The Dollar Plunges Amid Trump’s Threats to Fire Fed Chair
Markets rattled over concerns about central bank independence.
The U.S. dollar sharply weakened on Monday following statements by President Donald Trump about possibly firing Federal Reserve Chairman Jerome Powell. Investors viewed this as a threat to the Fed’s independence and expressed distrust in the stability of the American economy.
The dollar fell to a ten-year low against the Swiss franc, while the euro climbed above $1.15 for the first time in a long period. The New Zealand dollar hit a five-month high at $0.6, and the Australian dollar reached a four-month high at $0.6427.
White House economic advisor Kevin Hassett confirmed that the Trump administration continues to consider removing Powell from office. Legally, the president cannot directly dismiss the Fed chair, but even the discussion of such a prospect has already undermined trust in the U.S. financial system.
The yen strengthened to a seven-month high of 140.615 per dollar, and the British pound rose more than 0.5% to $1.33855.
Analysts note that even without formal dismissal, the mere fact of political pressure on the central bank could alter perceptions of its independence and destabilize currency markets.
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