Federal prosecutors in the United States have reportedly launched an investigation into Jerome Powell's handling of the renovation project at the Federal Reserve's headquarters. This news immediately pushed the euro higher against the U.S. dollar and drove the international gold price to a fresh record high, while S&P 500 index futures remained in negative territory. Should investors perceive that this matter could significantly impede Powell's ability to perform his duties as Fed Chair, the U.S. dollar could face further downward pressure, and U.S. Treasuries might consequently attract buying support.
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