The dollar weakened as speculation arose over U.S. President Trump's potential dismissal of Federal Reserve Chair Jerome Powell. Concerns about the move affecting U.S. market stability heightened, while Trump criticized Powell for not cutting interest rates.

President Donald Trump has intensified his criticism of Federal Reserve Chairman Jerome Powell, aiming to replace him with someone who will lower interest rates.

A top White House budget official said President Trump is "troubled" by Federal Reserve chair Jerome Powell's management, as Mr. Trump pressures him over interest rates.

The Bureau of Labor Statistics on Tuesday released June inflation data, showing prices increased from the prior month. Hours later, President Trump called on the Fed to lower rates.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

National Economic Council director is one of the US President's longest-serving economic aides. Read more at straitstimes.com. Read more at straitstimes.com.

Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.