The US dollar saw a notable decline on Wednesday after US President Donald Trump called for Federal Reserve Governor Lisa Cook to resign, in addition to the minutes of the Fed's last meeting revealing a division among policymakers regarding interest rate cuts.
The dollar index fell 0.13% to 98.2 points, while the euro rose 0.09% to $1.1657, and the Japanese yen climbed 0.32% to 147.2 yen against the dollar.
These moves come at a time of escalating controversy over White House interference in the affairs of the US central bank, as Trump seeks to reshape the Federal Reserve with more moderate faces, raising concerns in the markets about the independence of monetary policy.
The minutes of the Federal Reserve meeting on July 29 and 30 also revealed that only two members of the board supported a rate cut last month, indicating an internal division on monetary policy. As investors await Jerome Powell's speech at the Jackson Hole symposium, attention is focused on any clearer signals regarding the future of US interest rates amid slowing growth and fluctuating inflation.
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