US Dollar struggles to recover as Trump-Powell feud escalates

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Here is what you need to know on Tuesday, July 22: The US Dollar (USD) started the week under pressure and registered large losses against its major rivals on Monday. Although the USD holds its ground early Tuesday, investors refrain from positioning themselves for a steady recovery, while keeping a close eye on headlines surrounding the ongoing feud between United States (US) President Donald Trump and Federal Reserve (Fed) Chairman Jerome Powell. US Dollar PRICE This week The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the weakest against the Euro. USD EUR GBP JPY CAD AUD NZD CHF USD -0.50% -0.38% -0.06% -0.18% 0.06% 0.48% -0.36% EUR 0.50% 0.20% 0.45% 0.30% 0.53% 0.81% 0.10% GBP 0.38% -0.20% 0.04% 0.16% 0.36% 0.82% 0.10% JPY 0.06% -0.45% -0.04% -0.10% 0.17% 0.50% -0.13% CAD 0.18% -0.30% -0.16% 0.10% 0.30% 0.66% -0.23% AUD -0.06% -0.53% -0.36% -0.17% -0.30% 0.35% -0.29% NZD -0.48% -0.81% -0.82% -0.50% -0.66% -0.35% -0.72% CHF 0.36% -0.10% -0.10% 0.13% 0.23% 0.29% 0.72% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote). Citing a letter sent to the Department of Justice (DoJ), Fox News reported late Monday that Representative Anna Paulina Luna has referred Fed Chairman Jerome Powell to the DoJ for criminal charges, accusing him of perjury on two occasions. Earlier in the day, Treasury Secretary Scott Bessent told CNBC that they need to review the entire Fed institution and its performance,…