Institution: Trump dismisses Fed Chair Powell and threatens Fed's independence.

Analysts at Malayan Bank say that Trump's dismissal of Federal Reserve board member Lisa Cook is in line with his goal of pressuring the central bank to lower interest rates. However, they wrote in their report that threatening the independence of the Federal Reserve is almost certain to bring about other consequences. Despite the dollar receiving some support on Monday and rebounding from the sell-off after the Jackson Hole meeting, the dollar is now weakening after news of Cook's dismissal. These analysts believe that any further actions that undermine the autonomy of the Federal Reserve will be detrimental to the dollar. They added that given recent comments from Federal Reserve officials sounding more dovish, it may be somewhat surprising that Trump still feels the need to continue pressuring for rate cuts.