Trump is considering appointing the next chair of The Federal Reserve (FED) ahead of schedule, causing the dollar to weaken.

Gate News bot reports that, according to Bloomberg citing The Wall Street Journal, U.S. President Trump is considering announcing the next Federal Reserve chair earlier, as he believes the current chairman Jerome Powell is lowering interest rates too slowly, which led to a fall in the dollar.

In the early Asian session on Thursday, the British pound weakened against all major currencies, following reports that the president may announce Powell's successor before September or October. Sources revealed that potential successors include Federal Reserve Governor Kevin Warsh and National Economic Council Director Kevin Hassett.

"Trump's nomination will increase the pressure on The Federal Reserve (FED), and there may even be a shadow Fed chair before Powell steps down in May next year," said Rodrigo Catriell, a strategist at the National Australia Bank in Sydney. "We believe that the pressure for rate cuts faced by Powell will increase, which will exacerbate the selling pressure on the dollar."

Trump said on Wednesday that he has 3 to 4 people in mind to replace Powell, whose term as chairman will end in May 2026. Trump fiercely criticized The Federal Reserve (FED) for maintaining its position on interest rates this week, advocating for a rate cut and stating that the central bank is keeping the borrowing costs of the U.S. government high.

Earlier this month, Trump stated that he is considering Powell's successor and will announce it "soon."