Powell is not necessarily the dollar's resistance in charge of the Fed in the lo

Investors and analysts said on Thursday that Powell, the governor of the Federal Reserve (Fed / Fed), as chairman of the Federal Reserve in the long run, may not be as detrimental to the dollar as initially imagined. Powell voted to support Yellen's low-interest policy.

Data Picture: April 28, 2017, dollar banknotes. REUTERS / Dado Ruvic
US President Donald Trump on Thursday announced the nomination of Powell as the next Fed chairman to break the precedent did not allow Yellen re-election, but hinted her prudent monetary policy will be continued.

Powell generally believes that Powell is not good for the U.S. dollar because he supports a gradual rate hike and does not favor more radical moves. The dollar crashed after he announced his successor as chairman of the Federal Reserve. However, some people think that Powell is good for the U.S. dollar in general.

"Under Powell's term, the dollar is more likely to rise as the U.S. economy is going to be up," said Richard Benson, managing director and associate investment director at Millennium Global in London.

Other candidates have a more hawkish stance on monetary policy, which means a more radical rate hike, which will be more favorable to the U.S. dollar.

However, Trump's nomination of Powell ensured the continuity of the Fed's monetary policy. This means that the Fed is still in the process of raising interest rates on many occasions, shrinking plans will also continue to move forward.