Gold price rose 1.3% to a new daily high, reports suggest that Trump may immediately dismiss Powell, Powell will be "interviewed" on Wednesday.

Spot gold rose from $3325 to above $3370, hitting a daily high and rising 1.3% overall. The USD/JPY fell more than 1%, hitting a daily low of 147.02 yen. The S&P 500 fell 0.2%, the Nasdaq 100 fell 0.6%, hitting daily lows, and the Philadelphia Bank Index fell 1%; the STOXX 600 index in Europe fell 0.6%, hitting a daily low. Reports said that late on July 15th, those participating in a meeting between US President Trump and Republican lawmakers expressed support for Trump's dismissal of Powell. Anna Paulina Luna from Florida stated that she was 99% sure Trump will immediately dismiss Powell. Some members of the House Financial Services Committee plan to meet with Powell late on July 16th. Some lawmakers hope to strengthen Powell's position of independence.