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The dollar index, which measures the value of the US currency against 6 major currencies, jumped to its highest level since July 2020, after news that Biden would re-nominate Powell for a second term as Fed chair.

According to the data of “Bloomberg” agency, by 17:31 Moscow time, the dollar index reached the level of 96.4130 points, an increase of 0.40% over the previous settlement price.

The following is a graph showing the trend of development of the dollar index in about 5 years:

After Biden's decision, the dollar jumps to the highest level in more than a year, and gold is falling


The European currency “Euro” also increased its losses against the US currency after the news and fell to $1.1235, the lowest level since July 2020.

In the precious metals market, the price of gold in spot transactions decreased by 1.5% to $1817.10 an ounce, while the yellow metal futures contract decreased by 1.71% to $1822.6 an ounce.

US President Joe Biden has nominated the current head of the US Federal Reserve (Central Bank) Jerome Powell for the post for a second term, the White House announced Monday.

This step allows Powell to continue his role in overseeing the economy’s recovery from the Corona crisis and its repercussions.

And if the Senate approves his nomination, Powell will oversee the central bank’s response to the damage caused by last year’s record economic slowdown and control of inflation that has soared in recent months, something that has intensified pressure on the Biden administration and the Federal Reserve’s loose monetary policies.

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Source: Reuters + AFP

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