The dollar is strengthening but on track for a weekly fall as traders anticipate more interest rate cuts. President Trump’s nominations to the Federal Reserve are being evaluated. Fed Governor Waller is a top candidate for the next chair. Traders predict a rate cut in September and 58 basis points in cuts by year-end.

Trump’s firing of a Labor Department official raised concerns of influence over economic data. The dollar gained on Friday but is headed for a weekly loss. Euro fell to $1.1655. Short U.S. dollar remains a top trade for fund managers. Global growth concerns could affect the short USD thesis.

Next major economic release is consumer price data for July. Fed faces risks to inflation and jobs goals. Traders are monitoring a potential peace deal between Russia and Ukraine. Against the Japanese yen, the dollar strengthened to 147.71. Bank of Japan policymakers debate interest rate increases.

Sterling rose to $1.3451 after Bank of England’s rate cut. Bitcoin fell to $116,429. Trump signed an executive order allowing more alternative assets in 401(k) accounts. Fed Chair Powell’s term ends in May. Bloomberg News reported on potential peace deal between U.S. and Russia in Ukraine.

Read more at Yahoo Finance: Dollar heads for weekly loss on dovish Fed expectations