President Trump’s criticism of the Fed is undermining the dollar, causing investors to hedge against it and drive gold prices higher , according to Deutsche Bank and Convera. The Fed will likely deliver a 0.25% interest rate cut today, exacerbating anti-dollar sentiment.

Global stock markets are essentially on hold until U.S. Federal Reserve Chairman Jerome Powell delivers his expected 0.25% cut to interest rates later today.

In the meantime, the real drama is all about the U.S. dollar—which is down 10.83% against foreign currencies on the DXY index year to date, and will likely tumble further as the Fed lowers interest rates on dollar-denominated debt.

Investors are selling the dollar in part because of President Trump’s attacks on the Fed. If the Fed stops being independent of poli

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