The dollar dropped against the yen and hovered around multi-year lows versus the euro and the Swiss franc on Tuesday as President Donald Trump's attacks on the Federal Reserve raised concerns about the central bank's independence.

Trump has repeatedly put pressure on Powell to cut interest rates. The Fed has so far kept rates on hold this year after lowering them three times in 2024.

The value of the U.S. dollar sank to its lowest point in three years Monday after Donald Trump went on the offensive again, hitting out at the chair of the Federal Reserve. In a post on Truth Social,