Try GOLD - Free
US dollar slides as Fed independence under threat from Trump
The Straits Times
|April 22, 2025
The US dollar's slide gathered momentum on April 21 after US President Donald Trump contemplated whether he is able to fire Federal Reserve chairman Jerome Powell, a move that has great consequence for the central bank's independence and for global markets.
-
Mr Trump launched a series of public attacks against the Fed chief on April 17. Mr Powell's potential removal is likely to erode investor confidence as the US central bank's independence is seen as a key reason for investing in US assets.
The dollar weakened against almost every major currency amid holiday-thinned trading in Asia as investors weighed the risk of Mr Powell's dismissal and how that may further dent sentiment towards US assets.
The dollar tumbled 1.3 per cent to a decade low of 0.8062 against the safe-haven Swiss franc. The greenback also slid 1.3 per cent against the euro, and 1.1 per cent against the Japanese yen.
This story is from the April 22, 2025 edition of The Straits Times.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM The Straits Times
The Straits Times
Philippine death toll from Typhoon Kalmaegi tops 100
The death toll from Typhoon Kalmaegi in the central Philippines climbed past 100 on Nov 5 as the devastating impact on Cebu province became clearer after the worst flooding in recent memory.
2 mins
November 06, 2025
The Straits Times
Parliament passes online harms Bill after more than 8 hours of debate
New agency will tackle 13 types of online harms; WP amendments voted down
4 mins
November 06, 2025
The Straits Times
US govt shutdown reaches 36 days, longest on record
Economic pain deepens as stalemate over healthcare and spending continues
4 mins
November 06, 2025
The Straits Times
Aeroline coach service's suspension exposes cracks in KL transport policy
Ban on express bus pickups and drop-offs in city's downtown areas draws criticism
3 mins
November 06, 2025
The Straits Times
Schools * Consider implementing a 'right to disconnect' for teachers
I refer to the article “Long hours, huge stress and VIPs (very involved parents). So what keeps a teacher in S’pore going?”, Oct 22.
1 min
November 06, 2025
The Straits Times
Zohran Mamdani's New York win challenges both Trump and Democrats
The first city of finance has a committed socialist at the helm of city affairs.
6 mins
November 06, 2025
The Straits Times
PEAKING RYBAKINA REMAINS PERFECT
Kazakh gaining confidence with every win as she makes it 3 out of 3 at WTA Finals
3 mins
November 06, 2025
The Straits Times
Phishing for trouble: Physical bank token is no silver bullet
The latest effort to counter phishing could rattle less tech-savvy customers. It also needs a digital ecosystem to work.
6 mins
November 06, 2025
The Straits Times
Kenneth Tiong apologises to Chee Hong Tat on ‘stupid question’ comment in House
Workers’ Party MP Kenneth Tiong apologised to National Development Minister Chee Hong Tat on Nov 5 for calling his question “stupid” in Parliament.
2 mins
November 06, 2025
The Straits Times
Global financial stability risks elevated despite resilience: MAS
Singapore companies, households and banks have the financial strength to weather shocks to incomes and financing costs, but they have to remain vigilant given the highly uncertain global environment.
2 mins
November 06, 2025
Listen
Translate
Change font size