US Dollar flat as markets observe Trump lashing out at Powell
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, goes nowhere on Tuesday near a three-year low.
Markets got caught by surprise as the US Dollar took a hit during Asian trading hours while European and US markets were trading on limited capacity due to the Easter Monday bank holiday.
United States President Donald Trump has shifted his focus now to the Federal Reserve (Fed) and lashed out at its Chairman Jerome Powell, calling him “a major loser" for not lowering interest rates while looking at ways to get rid of the Chairman, putting further downward pressure on the Greenback.
On the economic calendar front, all eyes are on the leading Purchasing Managers Index (PMI) preliminary data for April on Wednesday and the Durable Goods orders on Thursday.
For this Tuesday, a slew of Fed speakers are lined up to speak, while the less-important Richmond Fed Manufacturing data for April will also be published.
In US equity markets, the focus will be on the Tesla (TSLA) earnings call after the US closing bell, when CEO Elon Musk could announce his departure date from the Department of Government Efficiency (DOGE).
Source: FXStreet
