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The dollar plummeted to a three-year low against major currencies on Monday, following President Trump's renewed attacks on Federal Reserve Chair Jay Powell. Gold surged to a record high, while the Swiss franc and yen strengthened. This market reaction stemmed from uncertainty surrounding US economic policy and the potential dismissal of Powell. Analysts noted a surprising bond sell-off and currency depreciation in the US, comparing the situation to emerging markets. Concerns about US stagflation and asset credibility fueled the yen's rise, with Asian markets experiencing declines.

Prepared by Christopher Adams and reviewed by editorial team.