Market analysis: Concerns about the independence of the Federal Reserve drive some safe-haven assets higher.

In early Asian trading, some safe-haven assets such as gold, the Swiss franc, and the Japanese yen are strengthening, buoyed by concerns about the independence of the Federal Reserve. Earlier, US President Trump said he would remove Lisa Cook from the Federal Reserve Board. Trump posted a letter on Truth Social announcing Cook's immediate dismissal. Matt Simpson of StoneX said, "Trump has just fired his first Fed board member." The senior market analyst added, "As Trump takes action to weaken the Fed's independence, the dollar is being sold off." Spot gold rose 0.4% to $3,379.38 per ounce; the US dollar fell 0.4% against the Swiss franc to 0.8030 Swiss francs; the US dollar fell 0.5% against the Japanese yen to 147.07 yen.