US Treasury Sec. Yellen: Up to Biden to decide whether Powell gets second term as Fed chair

Eren Sengezer FXStreet

US Treasury Secretary Janet Yellen told CNBC on Tuesday that she trusts the US Federal Reserve to make the right decisions and added that the central bank is trying to sort through the effects of supply bottlenecks, as reported by Reuters.

When asked about the possibility of the FOMC Chairman Jerome Powell remaining in position for a second term, Yellen noted that it's up to President Biden to decide on that matter.

Market reaction

These remarks were largely ignored by market participants and the US Dollar Index was last seen rising 0.15% on the day at 93.94.

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.

EUR/USD hovers around nine-day EMA above 1.1800

EUR/USD gains ground for the second successive session, trading around 1.1820 during the Asian hours on Monday. The 14-day Relative Strength Index momentum indicator stands at 51 (neutral) after recovering above the midline, indicating stabilizing momentum.

GBP/USD gathers strength above 1.3500 amid tariff confusion

The GBP/USD pair gains traction to around 1.3520 during the early Asian session on Monday. The US Dollar faces some selling pressure against the Cable as tariff uncertainty lingers. Traders will take more cues from the US Producer Price Index report for January, which will be published later on Friday.

Gold climbs to fresh monthly high on trade war fears, geopolitical risks, weaker USD

Gold registered its highest-ever weekly close, above the $5,100 mark on Friday, and gains strong follow-through traction at the start of a new week. This also marks the fourth straight day of a positive move and lifts the commodity beyond the $5,150 level, or a fresh monthly peak, during the Asian session.

Cardano braces for impact as US tariff storm brews

Cardano is down 4% at press time on Monday, entering its third consecutive day of decline. Bearish bias in Cardano’s derivatives market positional buildup aligns with rising pressure on the broader cryptocurrencymarket amid US President Donald Trump's reassessment of global tariffs and domestic conflict with the US Supreme Court.

Liberation day take two, the tariff machine just changed gears

Let me caveat this from the outset. What we are watching is first-order mechanics, not the grand macro endgame. This is the market’s immediate reflex to a 15% Trump tariff levy dressed up as judicial drama. The Supreme Court blocked Trump tarrif hammer. The White House came back with a scalpel.

Top Crypto Losers: Zcash, Pump.fun, and LayerZero extended losses as Bitcoin loses $65,000

The cryptocurrency market starts the week in panic mode, with altcoins Zcash, Pump.fun, and LayerZero. Bitcoin falls below $65,000 as the US President Donald Trump regroups amid renewed trade policy risks.