{"id":14403,"date":"2025-04-21T06:10:42","date_gmt":"2025-04-21T06:10:42","guid":{"rendered":"https:\/\/infundpros.com\/?p=14403"},"modified":"2025-04-21T06:10:43","modified_gmt":"2025-04-21T06:10:43","slug":"dollar-weakens-after-trump-attacks-on-fed","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14403","title":{"rendered":"Dollar weakens after Trump attacks on Fed"},"content":{"rendered":"<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description\">Your guide to what the 2024 US election means for Washington and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=1cd3d21c-a3eb-43a4-b174-cbab1304b282&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>The dollar slumped on Monday as investors responded to mounting uncertainty over US economic policy following President Donald Trump\u2019s attacks on Federal Reserve chair Jay Powell.<\/p>\n<p>The dollar fell to a three-year low against a basket of its key trading partners. Gold rose to a fresh record of $3,385 per troy ounce while the Swiss franc climbed 1 per cent against the dollar to SFr0.8069, a ten-year high. The euro and yen both rallied over 1 per cent against the dollar. <\/p>\n<p>US sovereign debt sold off. Yields on 10-year US Treasuries rose 0.035 percentage points to 4.36 per cent, while 30-year Treasury yields rose 0.065 percentage points to 4.86 per cent. Bond yields move inversely to prices. <\/p>\n<p>\u201cWhat we\u2019re seeing is a breakdown between FX and rates,\u201d said Parisha Saimbi, a foreign exchange strategist for Asia at BNP Paribas, noting that usually the dollar and US Treasuries do not sell off simultaneously. \u201cYields have been moving higher in the US and that\u2019s also leading to a weaker dollar, which is not your typical relationship.\u201d <\/p>\n<p>\u201cWith the risk of recession rising in the US now and with tariff concerns ongoing, global investors may be reconsidering their portfolio holdings,\u201d Saimbi said, noting that the euro and yen may be benefiting from investors repatriating assets. <\/p>\n<p>\u201cWe have observed renewed USD outflow momentum\u00a0within\u00a0iFlow,\u201d said Wee Khoon Chong, a strategist at BNY, referring to proprietary bank data. <\/p>\n<p>The moves came after Kevin Hassett, director of the National Economic Council, said Donald Trump would \u201ccontinue to study\u201d the question of dismissing Federal Reserve chair Jay Powell. Trump had claimed on Thursday that he had the right to fire Powell. <\/p>\n<p>\u201cIf you think that it\u2019s unacceptable for President Trump to be frustrated with the policy history of the Fed, then I think you\u2009.\u2009.\u2009.\u2009got some explaining to do,\u201d Hassett told reporters in Washington on Friday, when US markets were closed.<\/p>\n<p>The moves during Asian trading on Monday are the first sign of a market response to his comments. Trading was thin in the region, with markets in Hong Kong and Australia closed for the Easter holiday. <\/p>\n<p>Stock market benchmarks in Japan and Taiwan fell 1.4 per cent and 1.2 per cent respectively, while China\u2019s CSI 300 edged up 0.2 per cent.<\/p>\n<p>Futures for the S&amp;P 500 and Nasdaq were both down 0.8 per cent. <\/p>\n<p>Trump has repeatedly put pressure on Powell to cut interest rates. The Fed has so far kept rates on hold this year after lowering them three times in 2024. <\/p>\n<p>The Federal Reserve sets monetary policy independently of the other branches of government. Any attempt to oust Powell, whose term is scheduled to end in May 2026, or pressure monetary policy could cause further market turmoil in the US, according to investors and analysts.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/1cd3d21c-a3eb-43a4-b174-cbab1304b282\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14403","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - 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