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The pound briefly reached its strongest level against the dollar since October 2021, above $1.37. The move followed a report that Trump could name Powell's successor at the Fed earlier than expected.
Concerns that a politically aligned Fed chair could be installed weighed on the dollar.
Expectations of a more politically influenced Fed can weaken the dollar and raise commodity prices in dollar terms. Lower dollar values also make US exports cheaper for overseas feed buyers.
bbc.comDearbail JordanJun 26, 2025After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
