[MARKET ANALYSIS] DXY under pressure to start the week following renewed worries of Fed independence

DXY has started the week on the backfoot, falling from a high of 99.25 to a trough of 98.85, as federal prosecutors open a criminal investigation into Fed Chair Powell over recent renovations of its headquarters. This puts further pressure on Fed independence as this has been put as a sign of the Trump administration trying to force Chair Powell out, despite President Trump denying any involvement.
EUR/USD and GBP/USD have started the week positively, currently +0.2%, as a function of the dollar weakness seen across markets. This rebound follows the weakness seen throughout trade last week.
USD/JPY has trades undecided throughout the APAC session, briefing extending beyond 158.00 and into touted intervention territory, before selling off to a trough of 157.52 amid global risk-off flows at the time. The pair has pared back the majority of its losses, now trading unchanged intraday at 157.96.
Antipodeans have benefited the most from the bid in the metals space, with NZD/USD +0.3%, while AUD/USD is only slightly higher +0.2%.