The dollar index is losing ground amid Trump's plans to fire Fed Chairman Powell

The dollar index (DXY) began to decline sharply amid information about US President Donald Trump's plans to fire Federal Reserve Chairman Jerome Powell. This was reported by Bloomberg on July 16.

"The S&P 500 index quickly lost its modest growth and by 11:22 a.m. (18:22 GMT. — Ed.) in New York fell by 0.4%, which is about 1% below the historical maximum," the article says.

According to the agency, Trump may fire Powell in the near future, but has not yet made a final decision. It is noted that the Fed declined to comment.

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Earlier in the day, CBS News reported that the American leader had consulted with Republicans in Congress on Powell's dismissal. According to the channel, Trump has repeatedly raised the issue of Powell's replacement, as he kept interest rates at the same level instead of lowering them.