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

According to Odaily, ING foreign exchange strategist Francesco Pesole stated in a report that the US dollar faces significant downside risk after Federal Reserve Chairman Jerome Powell said the Fed had received a subpoena from the US Department of Justice due to cost overruns related to headquarters renovations. 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: "Any further signs of attempts to interfere with the Fed's independence will pose considerable downside risk to the US dollar." (Golden Ten Data)