The dollar is lower this morning following the news that Donald Trump has been impeached. Trump has become the third US President to be impeached following a historic vote in Congress yesterday. After 10 hours of debate, the House of Representatives voted on two articles – abuse of power and obstruction of Congress. Both passed, and so the case will go to a Senate trial. However, it’s highly unlikely that Trump will be removed from power, as the Senate is controlled by Republicans.
The dollar was strong against both the euro and the pound yesterday, as strong economic data decreased the likelihood of an interest rate cut from the Federal Reserve. A rise in industrial production, housing starts and building permits painted a strong picture of the US labour market.
Today, we’ll see the release of existing home sales figures, which are expected to drop slightly, and initial jobless claims.
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