Federal Reserve Chair Jerome Powell firmly dismissed speculation Thursday over his potential resignation or removal upon Donald Trump‘s return to the White House, stating the president cannot ...

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

GBP/USD struggles to build on Wednesday's gains and trades in negative territory below 1.3400 early Thursday. The data from the UK showed that the ILO Unemployment Rate rose to 4.7% in the three months to May, while the Claimant Count Rate remained steady at 5%.

President Trump has renewed calls for Federal Reserve Chair Jerome Powell to resign, criticizing the Fed for not cutting interest rates.

The US dollar recovers as Powell dismissal fears recede and market yields climb after Trump's clarifying statements.