According to Bloomberg on April 21, the market is worried that Trump may remove Federal Reserve Chairman Powell, a move that will weaken the Fed's independence and further shake confidence in US dollar assets. The "selling of the United States" market accelerated on Monday. The US dollar index plummeted 1% on the same day, falling below the 98 mark at one point; the US dollar and US stock futures both fell, while the yield on the US 10-year Treasury bonds rose significantly.

The euro rose to a three-year high, and the yen exchange rate also hit a new high since September last year. Several strategists expect the weak trend of the dollar to continue.

Several hedge funds joined the US dollar sell-off after White House National Economic Commission director Hassett publicly stated that "Trump is studying this matter." Data from the U.S. Commodity Futures Trading Commission (CFTC) shows that hedge funds are currently bearish on the US dollar at the highest level since October last year.

Whether Powell was dismissed became the focus of market attention. According to the Federal Reserve Act, Federal Reserve directors can only be removed from the president for "legitimate reasons". The relevant judicial interpretation is inconclusive, but the incident itself is enough to become a new trigger for investors to cut their dollar exposure.