ING: Concerns over Federal Reserve independence may trigger a "sell America" trade

ChainCatcher News, according to Jinse Finance, Francesco Pesole, a foreign exchange strategist at ING, stated in a report that the US dollar faces significant downside risk after Federal Reserve Chairman Jerome Powell said the Fed received a subpoena from the US Department of Justice due to cost overruns in the headquarters renovation. He pointed out that this move has reignited market concerns about the Fed's independence and could once again trigger "sell-America" trades. Pesole said that any further signs of attempts to interfere with the Fed's independence would pose considerable downside risk to the US dollar.