Dollar Crashes On Powell Removal Speculation, Gold Soars To All Time High And Bitcoin Suddenly Spikes

What was a miserable shortened week for the USD has gone from bad to worse in early Asia trading, when the Dollar index suddenly collapsed to a fresh 3 year low

While there is no specific catalyst for the suddenly collapse in the illiquid early Asian session, which sees many countries on extended Easter holiday, Bloomberg quotes traders that hedge funds are selling the dollar against virtually any currencies after National Economic Council Director Kevin Hassett said Friday that President Donald Trump is still exploring ways to remove Federal Reserve Chairman Jerome Powell, according to traders.

“The president and his team will continue to study that,” National Economic Council Director Kevin Hassett said Friday when asked by a reporter if removing Powell was an option.

Hassett then suggested, accurately, that the Fed under Powell, who was appointed by Trump during his first term, had acted politically to benefit Democrats.