Republicans Turn On Trump

Reality Hits Tremulous Dollar  

The dollar index fell 0.54% lower yesterday as it once again touched the 90 level.

The recent rally paused as the dollar shed some ground for the first time after four consecutive daily gains.

Investors looked past the potential impeachment of President Trump, focusing instead on the likely increase of fiscal stimulus under a Biden administration and the impact on inflation expectations.

This comes after the third most senior Republican, Liz Cheney, said she would vote to impeach Donald Trump over last week’s Capitol riot.

The House plans to vote today to charge Mr. Trump with inciting insurrection, which would make him the first US president ever to be impeached twice.

Euro Breaks Back

The euro managed to climb 0.45% higher on Tuesday, pushing back through the 1.22 ceiling.

Investors dumped their dollars yesterday, leading to a slight rally on the EURUSD pair.

This comes despite analysts predicting a sharp contraction in the first quarter of the year, with further Covid-19 restrictions taking their toll.

Double-dip recessions could be a common thing going into the start of the new year, as we await today’s industrial production numbers to lift spirits.

Sterling Pushes for 2-Year Highs

The pound had a day to remember yesterday, jumping over 1% as it reached for the 1.37 handle.

With the Bank of England ruling out negative interest rates, the governor said that quantitative easing would continue this year, with a further £150bn of asset purchases in the pipeline.

Mixed Day for Indices

The three major US indices all traded towards breakeven status on Tuesday.

This comes as several major tech giants continued to slide after sharp declines at the start of the trading week.

Twitter and Facebook continue to feel the brunt of the sell-off, as both stocks fell by over 2%.

Tesla shares rallied once again, as the stock remains near all-time highs.

Gold Begins Recovery

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