Analyst: The US Dollar Is Facing a Double Blow

According to Jinse Finance, Trump is taking steps to dismiss board member Cook. Cook has been under pressure to resign for nearly a week, and Trump is now escalating the matter. Forex analyst Eamonn Sheridan noted that the US dollar is facing a double blow: first, because this move increases the likelihood of the Federal Open Market Committee (FOMC) cutting interest rates in September; and second, because Trump may be pushing the US toward a non-independent monetary policy. Turkey’s Erdogan previously attempted to intervene in his country’s central bank and forcibly implement his own monetary policy, which at one point led to the collapse of the Turkish lira. While the US economy may be more resilient, from a marginal effect perspective, this is not favorable for the dollar. Gold prices have already surged.