Dollar slides to 3-year low on report Trump plans to name next Fed chair early

The U.S. dollar sank to its lowest level in three years on Thursday following a report that President Donald Trump is planning to pick his nominee to serve as the next chair of the Federal Reserve early.

The Wall Street Journal's U.S. Dollar Index – which measures the dollar's strength relative to a basket of 16 foreign currencies – dipped to a low of 97.01 on Thursday morning before paring some of that decline to 97.07.

The dollar's decline comes in the wake of a report by the Journal...