Analyst: Dollar weakens as Fed independence threatened

Odaily News The U.S. economy remains resilient after contracting more than previously expected in the first quarter. Durable goods orders rose 16.4% in May, weekly unemployment claims rose modestly by 236,000, and GDP contracted 0.5% in the first quarter, rather than the 0.2% previously expected. The dollar maintained its overnight downward trajectory amid threats to the independence of the Federal Reserve. The Wall Street Journal reported that Trump may appoint a successor to Chairman Powell earlier than usual to weaken the current hawkish stance. "An attempt to influence the Fed so directly will not be welcomed by investors," wrote Marc Chandler of Bannockburn. (Jin Shi)