The dollar index (DXY00) today is up by +0.06%. Month-end buying of the dollar is supporting modest gains, with today being the last trading day of November. Forex trading was light, as futures and options trading on the Chicago Mercantile Exchange were halted until early this morning due to a data-center fault. Strength in stocks today is limiting the dollar's upside.
The dollar is also under pressure after Bloomberg reported on Tuesday that Kevin Hassett is leading the list of potential candidates to succeed Jerome Powell as US Fed Chair. Hassett's nomination would be bearish for the dollar as he is seen as a dovish candidate. Also, Fed independence would come into question, as Hassett supports President Trump's approach to cutting interest rates at the Fed, which Trump has long sought to control.
