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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.
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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.
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