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Dollar Falls On Trump's Plans To Fire Fed Chief

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Dollar Falls On Trump's Plans To Fire Fed Chief

Gold, on the other hand, is adding to its value.

The dollar index (DXY) fell to a low of 0.94% to 97.71 points at 18:31 Minsk time. By 18:42 Minsk time, the decline slowed to 0.7%, the benchmark rebounded to 97.94 points.

Gold, on the contrary, added more than 1.3% in price.

U.S. President Donald Trump is likely to fire Fed Chairman Jerome Powell in the near future, writes Bloomberg citing a White House spokesman. Trump discussed such a move with Republicans in Congress on Tuesday evening, July 16.

At the same time, the agency's source says the president has not yet made a final decision and could change his mind.

Later in the day, Trump said he "doesn't plan to do anything" to remove Jerome Powell, Bloomberg reports. After that, the dollar index recouped some of its losses. At 19:06 Minsk, the benchmark was declining by 0.29% to 98.353 points.

American lawmakers supported the resignation of the Fed chief, an official, who asked not to disclose his name, told Bloomberg. As the agency writes, the change of the head of the regulator is likely to cause turmoil in financial markets and lead to serious legal proceedings.

Trump in June promised to make a decision on Powell's successor "very soon." According to Bloomberg, it could be Treasury Department head Scott Bessent. The White House denied this, and Bessent himself said he has "the best job in Washington."

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