The administration is preparing for US President Donald Trump to nominate Kevin Warsh to be the next Federal Reserve (Fed) chair, Bloomberg reported on Friday. Trump said late Thursday that he planed to announce his choice to replace Jerome Powell as the chair of the Fed on Friday morning. Trump stated that his pick will do a "good job" and that he wants the US central bank to cut rates when there are signs of economic growth. Market reactionAt the time of writing, the US Dollar Index (DXY) is up 0.50% on the day at 96.65.