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Dollar dips to three-year lows
(MENAFN) The US dollar fell to a three-year low on Monday, driven by concerns over President Donald Trump’s ongoing tariff war and his escalating conflict with Federal Reserve Chair Jerome Powell. The ICE US dollar index dropped over 1%, reaching its lowest point since March 2022, and the dollar weakened against several major currencies, including the euro, pound, yen, and Swiss franc. It also slid against the ruble, falling below 80 for the first time since June 2024.
The currency’s decline has been fueled by the tariffs Trump imposed on global trade partners earlier this month, as well as his public criticism of Powell. The president has demanded rate cuts from the Federal Reserve, threatening Powell’s position after the Fed chair warned that the tariffs could lead to a temporary rise in inflation. Trump’s ongoing attacks on Powell have added uncertainty to the market, with investors worried about the potential undermining of the Fed’s independence.
US stocks also took a hit, with the Dow, Nasdaq, and S&P 500 all dropping more than 3%. Experts suggest that any attempt to remove Powell could spark a significant sell-off in US equity markets. Powell, appointed by Trump in 2018 and reappointed by Joe Biden in 2022, is set to serve as Fed chair until May 2026.
The currency’s decline has been fueled by the tariffs Trump imposed on global trade partners earlier this month, as well as his public criticism of Powell. The president has demanded rate cuts from the Federal Reserve, threatening Powell’s position after the Fed chair warned that the tariffs could lead to a temporary rise in inflation. Trump’s ongoing attacks on Powell have added uncertainty to the market, with investors worried about the potential undermining of the Fed’s independence.
US stocks also took a hit, with the Dow, Nasdaq, and S&P 500 all dropping more than 3%. Experts suggest that any attempt to remove Powell could spark a significant sell-off in US equity markets. Powell, appointed by Trump in 2018 and reappointed by Joe Biden in 2022, is set to serve as Fed chair until May 2026.
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