US dollar still losing ground, EUR/USD pops above 1.1710

The Wall Street Journal wasn’t reticent with its headline:

• Trump Considers Naming Next Fed Chair Early in Bid to Undermine Powell

(gated)

I popped a summary of the piece here ICYMI:

• Wall Street Journal: Trump considers naming next Fed chair early – bid to undermine Powell

Its been nearly one-way traffic, lower, for the USD since:

• USD falling away a little on the Trump ” bid to undermine Fed Chair Powell” WSJ report
• US dollar still dribbling lower. ICYMI WSJ: Trump undermining Federal Reserve Chair Powell

While this is the catalyst on the session its not as if it’s the only news on the dollar

• JP Morgan expects the USD dollar index, DXY, to fall by 5.7% in the next 12 months

which has been falling pretty much all year. Its lost around 10% in H1, its worst H1 performance in 4 decades.

EUR/USD is hitting highs not seen since late 2021:

This article was written by Eamonn Sheridan at www.forexlive.com.