George Saravelos, global head of FX research at Deutsche Bank, says the U.S. dollar could fall 2% to 3% within 24 hours if President Donald Trump removes Federal Reserve Chair Jerome Powell.

Washington

George Saravelos, global head of FX research at Deutsche Bank, has commented on the potential market impact if President Donald Trump were to remove Federal Reserve Chair Jerome Powell. Saravelos noted that the US dollar could drop by 2% to 3% within a day of such an announcement, based on recent market reactions and Deutsche Bank's analysis.

He observed that recent volatility in both fixed income and currency markets aligned with these expectations, though some moves reversed following official denials. Saravelos emphasized that ongoing uncertainty regarding the Fed's leadership is likely to remain a significant challenge for the US dollar and fixed income markets until the issue is conclusively resolved.

Saravelos: Trump-Powell to be continuing headwind for dollar, FX

George Saravelos of Deutsche Bank had weighed in on the market implications of any potential change at the Fed, writing this, George joins us now, he's Global Head of FX Research at Deutsche Bank. So George, we got a potential preview of what might actually happen should the Fed chair either end up getting fired or resigning. Was yesterday's market reaction what you might have anticipated? So we published the note you cited over the weekend and didn't expect these headlines to come out so quickly. We wrote that within 24 hours of such an announcement, the dollar could fall 2-3%. And I think if you look at the orders of magnitudes of the moves, both in fixed income and in currencies, they were very similar to what we were anticipating, they were very large. Of course they subsequently reversed because of the denial. But I do think this underlying story, so long as it lingers, it will act as a big headwind, both for the dollar and fixed income, until it gets resolved one way or another.

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