Trump's Fed pick, Bank of England's 'hawkish' cut weigh on dollar https://t.co/apwC7O31Ie https://t.co/apwC7O31Ie
US Dollar Index maintains strength above 98.00 following report backing Waller for Fed leadership.
Trump's Fed pick, Bank of England's 'hawkish' cut weigh on US dollar - https://t.co/jZlMG4MOLv via โฆ@Reutersโฉ
The U.S. dollar seesawed after Bloomberg reported that Federal Reserve Governor Christopher Waller is emerging as the leading candidate to replace Chair Jerome Powell when President Donald Trump fills the post next year. The prospect of a leadership change perceived as more dovish initially lifted the greenback but later fed expectations of lower U.S. interest rates. By early Friday trading in Asia the Dollar Index hovered near 98.04, putting it on course for a weekly decline of about 0.7%. Interest-rate futures signal a 93% probability of a Federal Reserve rate cut at the September meeting and at least two reductions by year-end, according to CME data cited by Reuters. Currency moves were amplified by the Bank of Englandโs decision to trim its benchmark rate by 25 basis points in a narrowly split 5โ4 vote. Analysts described the outcome as one of the most hawkish versions of a cut, helping sterling cling to a two-week high while adding pressure on the dollar.
