The dollar weakened as speculation arose over U.S. President Trump's potential dismissal of Federal Reserve Chair Jerome Powell. Concerns about the move affecting U.S. market stability heightened, while Trump criticized Powell for not cutting interest rates.

The Bureau of Labor Statistics on Tuesday released June inflation data, showing prices increased from the prior month. Hours later, President Trump called on the Fed to lower rates.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

National Economic Council director is one of the US President's longest-serving economic aides. Read more at straitstimes.com. Read more at straitstimes.com.

Trump stated: "There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates." Trump posted on April 17: "Powell’s termination cannot come fast enough!"

Donald J. Trump said presidents should have input on interest rates, a comment likely to stoke fears that he could try to limit the Federal Reserve’s political independence. By Jeanna Smialek ...