Forex News: U.S. Dollar Falls Amid Concerns Over Fed Leadership

U.S. Dollar Falls Amid Concerns Over Fed Leadership

(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Wednesday, after reports suggested that President Donald Trump is considering the potential removal of Federal Reserve Chair Jerome Powell very soon.

Trump reportedly asked House Republicans about the dismissal of Powell on Tuesday, triggering concerns about the Fed's independence.

Later, Trump clarified that he has no immediate intention of firing Powell.

The President has repeatedly criticized Powell for not cutting interest rates.

The greenback declined to 6-day lows of 1.1721 against the euro and 0.7947 against the franc, from an early more than 3-week high of 1.1562 and a 3-week high of 0.8061, respectively. The next possible support for the currency is seen around 1.18 against the euro and 0.77 against the franc.

The greenback dropped to 2-day lows of 1.3485 against the pound and 146.90 against the yen, from an early nearly 2-month high of 1.3364 and a 3-1/2-month high of 149.18, respectively. The greenback may find support around 1.37 against the pound and 145.00 against the yen.

The greenback fell to 1.3679 against the loonie, 0.6554 against the aussie and 0.5970 against the kiwi, from an early nearly 3-week high of 1.3755, 8-day high of 0.6495 and more than a 3-week high of 0.5912, respectively. The greenback is poised to challenge support around 1.34 against the loonie, 0.68 against the aussie and 0.61 against the kiwi.

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