Trump’s Fed pick, Bank of England’s ‘hawkish’ cut weigh on dollar

August 8, 2025

The dollar faced pressure, nearing a weekly decline as Trump’s Fed nominee fueled expectations of a dovish replacement for Powell. Sterling held gains after a divided Bank of England rate cut. Meanwhile, the euro gained ground amid optimism surrounding potential U.S.-Russia talks, influencing currency markets as investors monitor geopolitical developments.

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