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Dollar Drops on Reports Fed Governor Powell Leading Race to Replace Yellen

10/20/2017, 9:49:51 AMMarket Analysis
Dollar Drops on Reports Fed Governor Powell Leading Race to Replace Yellen

 The dollar fell sharply, adding to earlier losses, following a drop in bond yields after a report suggested that Federal Reserve Governor Jerome Powell is leading the race to succeed Janet Yellen as next Fed Chairman.

Federal Reserve Governor Jerome Powell is the front runner to become the chair of the U.S. central bank after President Donald Trump concluded a series of meetings with five finalists Thursday, three administration officials said, according Politico report published Thursday.

Powell is widely viewed as the least hawkish candidate - apart from Janet Yellen - compared to his peers on the shortlist to head the Federal Reserve in February.

The dollar fell 0.32% to trade at 93.00 while the U.S. 10-Year fell to 2.318, down 0.98%