US Dollar Falls On Trump's Rumored Fed Chair Pick
- Trump is said to pick Jerome Powell as the next Fed Chair
- DXY falls -0.35% dipping below 95 level.
The US Dollar is taking a dip on news that President Trump may pick Jerome H. Powell as the next Federal Reserve Chairman. The news comes after yesterday's confirmation the current Fed Chairwoman, Janet Yellen, was not longer in the race for the position.
Jerome Powell, currently serves as a member of the Board of Governors. He is a former investment banker and does not have a "formal" background in economics. As Fed Chair, Powell may continue with the currently plan that the Fed has with gradually rate hikes and balance sheet tapering.
Chart 1: DXY 1-minute Intraday Chart (October 27, 2017)
Following strong economic growth this morning the US Dollar Index has taken a surprising dip. Following Trump's rumored Fed Chair pick, DXY is down as much as 0.35%. It dipped below 95, and traded at 94.88 at the time that this article was written.
--- Written by Dylan Jusino, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.