ING: Trump’s Nomination of Interim Fed Governor Has Limited Impact on the US Dollar

According to a report by Jinse Finance, ING economist Francesco Pesole stated that the US dollar only weakened slightly after Donald Trump nominated Stephen Moore to fill the vacancy on the Federal Reserve Board. Moore has recently criticized the Fed over interest rate cuts and called for comprehensive reform of the institution. He will temporarily fill the position until his term expires in January next year. Reports also indicate that Fed Governor Waller is a leading candidate to succeed Fed Chair Jerome Powell, which has offset the impact of Moore’s nomination. Compared to another potential candidate, Kevin Hassett, Waller holds a more moderate stance on interest rate cuts.