In the US, the Supreme Court has shielded Fed officials from being directly removed by the president without cause, which has quieted Trump’s threats to fire Powell. Yet the president is able to put his stamp on the central bank by nominating new people to vacancies.

The U.S. dollar was little changed on Wednesday as traders awaited a speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole central bankers' symposium later this week for clues on the path of monetary policy.

Jay Powell’s speech at the Federal Reserve’s August summit in Jackson Hole, Wyoming, is always a high-stakes moment. This year, the central bank’s chair takes the podium under fire — facing fierce attacks from Donald Trump and a growing insurgency within his own institution.