EUR/USD trims gains below 1.1650 as Fed Governor Cook defies Trump

EUR/USD trims recent gains as the US Dollar recovers following comments from Fed Governor Lisa Cook.
Fed Governor Cook stated she will not resign despite Trump’s threat to remove her from the Fed’s Board of Governors.
The Euro finds support after the European Central Bank signaled a pause in monetary easing.

Akhtar Faruqui FXStreet

EUR/USD holds gains after registering more than three-quarters of a percent in the previous session, trading around 1.1630 during the Asian hours on Tuesday. The pair holds ground as the US Dollar (USD) faces challenges amid concerns over Federal Reserve (Fed) independence after the US President Donald Trump threatened to remove Fed Governor Lisa Cook.

President Trump posted a letter on social media early Tuesday, saying that he was removing Fed Governor Cook from her position on the Fed's board of directors. However, Cook said that she will not resign as there is no cause exists for her to be fired. I will continue to carry out duties, she added.

President Trump also warned that he may impose a 200% tariff on Chinese goods if China refuses to supply magnets to the United States (US), per Reuters. Moreover, a Bloomberg report says that Trump threatened "subsequent additional tariffs" and export restrictions on advanced technology and semiconductors in retaliation for digital services taxes that hit American technology companies.

Additionally, the EUR/USD pair appreciates as the Euro (EUR) receives support as the European Central Bank (ECB) signaled a pause in monetary easing amid strengthening Eurozone labor market strength. Meanwhile, details of the EU-US deal indicated that most European goods will face 15% tariffs, while autos, pharmaceuticals, and semiconductors may be exempt from harsher US duties.

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

GBP/USD holds below 1.3400 after BoE decision, US Q2 GDP

GBP/USD peaked just above 1.3400 following the BoE's announcement. The Bank of England decided to maintain the benchmark rate unchanged at 3.75%. The MPC voted 6-3 to keep rates on hold, with the 3 dissenters favoring a rate hike. US Q2 GDP missing expectations helps maintain the pair afloat, although momentum is missing.

EUR/USD resumes advance following tepid US growth data

EUR/USD trimmed early losses and aims north in the American session on Thursday, helped by better-than-expected German and Eurozone GDP data and lower-than-anticipated US growth, according to the preliminary estimate of Q2 Gross Domestic Product. The economy expanded at an annual rate of 1.5% vs the 2.1% anticipated by market participants.

Gold stable below $4,100 as USD demand fades

Gold hovers around its daily open in the American session on Thursday, trimming early losses. The Greenback enjoyed some near-term demand following Wednesday's post-FOMC downfall, but was unable to retain its gains. The preliminary estimate of the US Q2 GDP showed the economy grew n annual rate of 1.5%, missing market's expectations of 2.1%

Ripple Price Forecast: XRP builds recovery momentum as whales increase exposure

Ripple (XRP) rises toward the pivotal $1.10 resistance on Thursday, marking three consecutive days of gains. This neutral-to-slightly bullish outlook follows the Federal Reserve (Fed) decision to leave interest rates unchanged in the 3.50%-3.75% range.

The FOMC: Rates left on hold; dollar falls as Warsh fails to vote for hike

The Fed kept interest rates on hold today, defying a 30% chance in the Fed Funds Futures market that rates would rise. The Committee voted 9-3 to keep rates on hold, with governors Kashkari, Hammack and Logan all voting to hike rates due to concerns about inflation. The immediate market reaction has been a sharp drop in the USD on a broad basis.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.