23 April | Dollar

Dollar gains as Trump denies plans to fire Fed Chair Powell

Dollar gains as Trump denies plans to fire Fed Chair Powell

The dollar surged sharply before stabilizing on Wednesday after US President Donald Trump denied plans to fire Federal Reserve Chair Jerome Powell. The news boosted market sentiment, according to Reuters.

Earlier, investors had been concerned about the central bank’s independence due to Trump’s criticism, as he pushed for more aggressive rate cuts. However, on Tuesday, the president stated that he had no plans to remove Powell, though he still urged the chairman to take stronger action, the news agency reports.

The dollar also found support in comments from Trump and Treasury Secretary Scott Bessent, who hinted at a possible easing of trade tensions with China. The US president suggested that tariffs on Chinese goods could be lowered during negotiations, though he made it clear that a full removal was off the table.

At the same time, Washington is engaged in active tariff discussions with other global trading partners. 18 nations have already presented their proposals to the White House, with negotiations set to take place this week involving 34 countries, Reuters notes.

Elena Dorohina MarketCheese
Period: 19.05.2025 Expectation: 1000 pips
AUDUSD bounces off 0.635 support level toward 5-month high
Today at 09:38 AM 4
Period: 22.05.2025 Expectation: 89500 pips
BTCUSD correction wave forms sell signal targeting 93,700
Today at 08:47 AM 8
Period: 20.05.2025 Expectation: 4065 pips
Optimism for Tesla is limited by weak sales and competition
Today at 05:07 AM 8
Period: 16.05.2025 Expectation: 700 pips
Silver prices started to rebound toward 33.6
Yesterday at 11:15 AM 39
Period: 13.05.2025 Expectation: 900 pips
USDJPY seen retreating to 145.00
Yesterday at 09:38 AM 20
Period: 18.05.2025 Expectation: 3085 pips
Trading optimism and technical signal reinforce S&P 500's upside outlook
Yesterday at 08:18 AM 39
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segment "Currencies"
Go to forecasts