The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, corrects to 98.30 during the Asian trading session on Tuesday, following a decent recovery move the previous day.
The US Dollar (USD) faces selling pressure as the independence of the Federal Reserve (Fed), which is an autonomous body and its decisions are not impacted by political influence, has been dampened after the removal of Federal Reserve (Fed) Governor Lisa Cook by United States (US) President Donald Trump over mortgage allegations.
Last week, US President Trump called Fed Governor Cook to resign after his political allies accused her of holding mortgages in Michigan and Georgia. In response, Cook stated that she had "no intention of being bullied to step down" from her position at the central bank, Wall Street Journal (WSJ) reported.
Source: FXstreet
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