The dollar showed signs of recovery Wednesday after President Trump stated he has “no intention” of firing Federal Reserve Chair Jerome Powell, addressing fears about the Fed’s independence.
Additionally, both Trump and Treasury Secretary Bessent hinted at potential easing of US-China trade tensions, with Trump suggesting tariffs could be substantially reduced in a future deal.
The dollar rose against major currencies including the euro, yen, and Swiss franc, though analysts remain cautious, noting that market trust in Trump remains low due to policy inconsistency.
Meanwhile, weak eurozone economic data may further support the dollar’s position against the euro.