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The dollar dropped after the US president asked lawmakers whether he should fire Federal Reserve chief Jay Powell in a move that fuelled a fresh bout of concerns over the central bank’s independence.

A White House official said that Trump asked Republican members of Congress during an Oval Office meeting late the previous day whether he should remove Powell. Lawmakers supported the idea, the official said.

Trump later on Wednesday pushed back at the prospect that he will imminently sack Powell. 'We’re not planning on doing anything,' Trump told reporters in the Oval Office.