Fed Board Nominee Miran: Fed independence is paramount

Eren Sengezer FXStreet

Stephen Miran, United States (US) President Donald Trump's nominee to replace Federal Reserve (Fed) Governor Adriana Kugler, told CNBC on Tuesday that the Fed's independence is paramount.

Key takeaways

"Most economic data comes from surveys and there will be an element of noise, which has increased in recent years."

"Up to Senate whether approval happens by September meeting."

"Inflation has been well-behaved since Trump took office."

"I believe tariffs will be borne by the countries that we are tariffing."

"Other countries' investment commitments are real commitments."

Market reaction

The US Dollar Index (DXY) stays in the lower half of its daily range following these comments and was last seen losing 0.2% on the day at 98.30.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.