A battered dollar is taking another beating as investors, unnerved by fresh signs of an erosion in U.S. central bank independence, waste no time in pushing the greenback back to its lowest levels in over three years.

A report that President Donald Trump may announce a replacement for Federal Reserve Chair Jerome Powell by September or October pushed down the US dollar as investors saw it as a sign that early rate cuts were becoming more likely.

Trump is reportedly weighing a slate of candidates to take over Jerome Powell's job and could announce a replacement long before Powell's term is over.