Analysts have once again seen faltering in the leadership of the United States (US) administration regarding the issue of alleged mortgage fraud by Federal Reserve (Fed) Governor Lisa Cook.
US Federal Housing Finance Agency Director William Pulte made the allegations involving Cook's assets in Michigan and Georgia.
Following this, President Donald Trump urged Lisa Cook to resign immediately, but she responded that she would not allow herself to be 'bullied' into resigning from her position at the central bank.
According to Cook, she is ready to answer about her financial history and will cooperate in providing accurate information.
Trump also stated his consideration of firing Cook, but there has been no further report on the matter.
The financial market is seen not showing a significant reaction to the issue with price movements still slow waiting for the annual Jackson Hole symposium to begin.
The FOMC meeting minutes report is the focus of investors early this morning (Thursday) to assess further details regarding the central bank's monetary policy at the latest meeting.
The majority of policymakers agreed to keep interest rates on hold while monitoring the impact of global tariffs on the economy. The meeting members are also seen as being in the final stages of assessing changes to monetary policy.
For a clearer indication, the market is now awaiting Fed Chairman Jerome Powell's speech in Jackson Hole later this week.
In addition, attention will also be focused on the manufacturing and services PMI data to be published today.
The German and UK PMIs will be watched in the European session before in the following session, the US manufacturing and services sector assessments could drive further market movements.
