The US currency remains under pressure. The reason is expectations of accelerated rate cuts by the Fed and political uncertainty around the future of its chairman. Strengthening rumors about the imminent replacement of Jerome Powell caused fears about the independence of the Federal Reserve System. Against this background, traders are already putting a softer monetary policy in the price. Traders expect the Fed to cut rates as early as September.The weakening dollar pushed stock market indices to growth. Optimism was boosted by news of progress in trade negotiations between the US and China, including accelerated supplies of rare earth metals.