EUR, AUD, NZD, GBP, JPY, CHF, CAD all higher against the US dollar.
The news that triggered the renewed bout of dollar selling is this:
Wall Street Journal: Trump considers naming next Fed chair early – bid to undermine Powell
The Journal’s take, which seems reasonable, is that Trump’s intention to name Powell’s replacement early will undermine the Chair and the bank. Not only that, whoever Trump names is going to be branded as the latest sycophant, which will undermine him or her, and the Bank even further.
That’s the narrative of the move anyway. We’ve know for some time that Trump wanted to do this, but the timeline, reports the Journal, moved from September/October to in the months just ahead over summer.
This article was written by Eamonn Sheridan at www.forexlive.com.