Analyst: US Dollar Weakens as Federal Reserve’s Independence Faces Threats

Odaily Planet Daily News: Despite a larger-than-expected contraction in the U.S. economy in the first quarter, resilience remains. Durable goods orders in May rose by 16.4%, weekly jobless claims increased moderately to 236,000, and first-quarter GDP shrank by 0.5%, rather than the previously forecast 0.2%. As the Federal Reserve's independence faces threats, the U.S. dollar continued its overnight downward trend. According to The Wall Street Journal, Trump may appoint a successor to Chair Powell earlier than usual in an effort to weaken the current hawkish stance. Marc Chandler of Bannockburn wrote, "Such a direct attempt to influence the Fed will not be welcomed by investors." (Jin10)