Overview

• The U.S. Dollar Index fell as much as 0.4% to roughly 98.12 after the President’s remarks before recouping most losses.
• Federal Reserve Governor Lisa Cook said she would not resign, defying pressure to step down.
• Sterling edged up 0.1% to about $1.35 and gold climbed to around $3,370 an ounce as investors sought safety.
• Futures pricing points to a widely expected September Fed rate cut near 82%, with Friday’s PCE inflation report seen as a key guide.
• Analysts cautioned that mounting political pressure on the Fed could weigh on the dollar, while the FTSE 100 opened down 0.6% after the holiday break.