Analyst: The US dollar weakens due to the threat to the independence of the Federal Reserve

Odaily Planet Daily reported that the US economy remained resilient after contracting more than previously expected in the first quarter. Durable goods orders increased by 16.4% in May, with a moderate increase of 236000 people applying for unemployment benefits per week. The first quarter GDP contracted by 0.5%, instead of the previously estimated 0.2%. At a time when the independence of the Federal Reserve is threatened, the US dollar has maintained an overnight downward trajectory. The Wall Street Journal reported that Trump may appoint a successor to Chairman Powell earlier than usual to weaken the current hawkish stance. Marc Chandler of Bannockburn wrote, "Such a direct attempt to influence the Federal Reserve will not be welcomed by investors