The dollar index climbed above 97 mark late on Friday after President Trump's nomination of Kevin Warsh to succeed Jerome Powell as Federal Reserve chair. The newly nominated Fed chair is viewed as more hawkish as against Trump's earlier want for someone who would support lower interest rates. The dollar index that measures the greenback against a basket of currencies last traded at 97.03, up 0.75% on the day. For January, the dollar fell 2%, its worst monthly performance since June. In response to Trump's decision, Fed Governor Stephen Miran said that he is really excited to see the good work he believes Kevin Warsh will do as Fed Chair after being nominated by President Donald Trump. Meanwhile, Fed's Bostic said that inflation is too high and needs to come down, and that the Fed should be more patient for now. Among basket currencies, EUR/USD and GBP/USD closed lower by 0.7% in line with dollar strength at $1.1875 and $1.3683 respectively.
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