💲Dollar halts sell-off amid Treasury Bessent remarks: "No reason for Powell to step down"

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The USD Index halted yesterday’s sell-off, which was triggered by mixed comments from the U.S. administration regarding the official end of trade negotiations (USDIDX: +0.03%). Sentiment was stabilized by recent remarks from the U.S. Treasury Secretary, who once again sought to calm markets amid tensions between Trump and Powell.

Scott Bessent stated that he sees "no reason why Powell should step down [as Chair of the Federal Reserve]." With this, the Treasury Secretary softened the tone of earlier suggestions that Powell should review the Fed’s operations beyond monetary matters. These comments refer to accusations from the Trump administration that the Federal Reserve building’s renovation project was financially unviable. In recent days, the renovation has sparked controversy as a potential reason for Trump to dismiss Powell—provided that a crime had been committed.

Bessent also commented on the ongoing trade negotiations with China, saying they have entered "a whole new level." According to the U.S. Treasury Secretary, the talks with Beijing may be extended until August 12, and a “series of new trade agreements” will be announced in the coming days.

USDIDX returned to the 10-period exponential moving average (EMA10, yellow) following Scott Bessent’s interview. Source: xStation5

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