Dollar Retreats After Fed’s Lisa Cook Dismissal
The U.S. dollar slipped in early Asian trading on Tuesday after President Donald Trump announced the dismissal of Federal Reserve Board member Lisa Cook. The dollar index dropped 0.3% to 98.187 points, following its strongest daily gain in four weeks on Monday.
The move, seen as unprecedented, has heightened concerns over the independence of the Federal Reserve and increased expectations that an early interest rate cut could be on the horizon.
In currency markets, the dollar traded at 147.18 yen, up 0.4% from the previous U.S. close. The euro rose 0.2% to 1.1650 dollars, while the British pound strengthened to 1.3483 dollars. The Australian dollar edged higher to 0.64915 dollars.
Meanwhile, cryptocurrencies remained volatile. Bitcoin slipped 0.2%, heading for a fourth consecutive day of losses, while Ether declined 0.1%.
