Yesterday, US President Donald Trump said he does not care whether Federal Reserve Chair Jerome Powell remains on the Board of Governors after his term as chair ends.

"I don't care if he stays on," Trump told reporters at the White House on Thursday, responding to a question about whether he would take any action in connection with the chair's decision to remain on the Board of Governors.

He added that he had merely wanted to ensure Kevin Warsh would become the new Fed chair, referring to his nominee to lead the Board and succeed Powell.

Recall that Powell's term as chair expires on 15 May, but he plans to remain on the Board of Governors for an unspecified period. On Wednesday, during what was likely his last press conference as chair, Powell said that he intends to continue serving as a governor for a period which has not been precisely determined.

Warsh is likely to be confirmed by the full Senate before Powell's term as chair ends, after the Senate Banking Committee approved his nomination by 13 votes to 11, largely along party lines.

Nevertheless, Powell's continued presence could complicate the president's efforts to reshape the central bank, even if Warsh becomes chair. Primarily, it would deny Trump another vacant seat that he could fill with an ally and thereby attempt to tilt the Board further toward his view that the Fed should immediately and sharply cut interest rates.

On Thursday, Trump said he expected Powell to remain on the Board, and repeated an insult he made on Wednesday, that nobody would want to hire the departing Fed chair.

Also, yesterday, Treasury official Scott Bessent criticized Jerome Powell. "It's highly unusual for someone who says he's an institutionalist and cares about norms at the Fed," Bessent said, commenting on Powell's actions. "This is a violation of all Federal Reserve norms." Bessent emphasized that moving from the chairmanship to the position of a Board member, without any cooling-off period, is an unprecedented step that could undermine the authority and independence of the central bank.

Markets, however, showed little reaction to the public attacks by Trump and the Treasury official.

Technical picture for EUR/USD

Regarding the current technical picture for EUR/USD, buyers should now consider how to take the 1.1735 level. Only this will allow a test of 1.1750. From there, a move to 1.1775 would be possible, but achieving that without support from major players will be rather difficult. The most distant target is the high at 1.1790. In the event of a decline only to around 1.1710, I expect some serious action from large buyers. If there is nobody there, it would be prudent to wait for a refresh of the low at 1.1685, or to open long positions from 1.1655.

Technical picture for GBP/USD

As for the current technical picture for GBP/USD, pound buyers need to take the nearest resistance at 1.3620. Only this will allow a target of 1.3650, above which breaking through will be rather difficult. The most distant target is the 1.3680 area. In the event of a fall, bears will try to seize control at 1.3570. If they succeed, a break of the range will deliver a serious blow to bulls' positions and push GBP/USD toward the low at 1.3550, with a prospect of reaching 1.3525.