US dollar dips as Fed Chair Powell faces criminal investigation
The US dollar took a hit after news broke that Federal Reserve Chair Jerome Powell is under criminal investigation.
This has sparked fresh worries about the central bank's independence and increased political pressure for faster interest rate cuts.
As a result, people started selling off dollars and US Treasuries, while others played it safe by moving money into gold.
Euro and Swiss franc hold steady; questions linger over Fed's future
While the dollar slipped, the euro stayed steady at $1.1663 and the Swiss franc inched up as a go-to safe haven.
US Treasury yields barely budged, but experts like Sim Moh Siong from OCBC pointed out that political pressure could shape what the Fed does next.
Even though this is big news, markets reacted more calmly than during past financial shakeups—though there are still concerns about how much control the Fed will have going forward.