The dollar continues to rise after the nomination of the Federal Reserve Chairman.

After US President Trump nominated Kevin Wash as the Chairman of the Federal Reserve, the US dollar rose. Jefferies economist Mohit Kumar said in a report that Wash's previous statements suggest that he will support reducing the Fed's balance sheet in the coming years. He said that if inflation is expected to become entrenched, Wash may also support less accommodative policies. However, he said that other factors in US diverse trading are still in play. This is due to Trump's policies, threats of more tariffs, and other countries wishing to diversify their asset holdings. The DXY dollar index rose 0.1% to 97.108, reaching a one-week high of 97.298 overnight.