The dollar fell sharply at the beginning of the week, so what's the reason

Trump is considering firing Fed Chairman Powell

The US dollar fell on Monday as investor confidence in the US economy was once again damaged by Trump's plans to restructure the Federal Reserve, which could raise doubts about the independence of the central bank.

White House economic adviser Kevin Hassett said on Friday that the president and his team are continuing to study the possibility of firing Federal Reserve Chairman Jerome Powell, just a day after Trump said Powell's dismissal could not be done quickly enough.

Some experts have stated that Powell can be removed from office only under certain measures, which may be more stringent, but can Trump undermine the independence of the Fed Of course he can.

Trading today has stagnated with most European markets and the markets of Australia and Hong Kong closed for Easter. Most global markets were closed on Friday for a public holiday.

USDCHF

The US dollar fell against the Swiss franc by more than 1% today, reaching a ten-year low.

EURUSD

The EURUSD pair peaked near the levels of 1.1560 USD, which is its highest level since November 2021.

GBPUSD

The British pound also rose to its highest level since September, reaching the levels of 1.3415 US dollars.

AUDUSD

The Australian dollar hit a 4-month high at 0.6435 US dollars.

On the other hand, the tariffs imposed by Trump, in addition to the uncertainty about his trade policies, led to a sharp decline in global markets, weakened the world's largest economy, weakening the US dollar against most currencies as investors withdrew their money from US assets.