USD Suffers on Subpoena News

17 November, 2017

The Trump Administration is back in the spotlight with news of a report that Special counsel Robert Mueller’s investigators have issued a subpoena to more than 12 officials in the Trump administration election campaign for documents related to Russia. According to the Wall Street Journal; Mueller’s team issued the subpoena in mid-October, requesting documents and emails from more than a dozen campaign officials that include several keywords related to Russia. The subpoena does not compel testimony before a grand jury, but sources commented that Trump’s campaign was surprised by the order after voluntarily cooperating with previous requests from Mueller’s team. In fact, this is the first instance of Mueller ordering the Trump Administration to handover information. The news saw USD coming under pressure as Trump can ill-afford any more criticism of his leadership or, indeed, if Russia played a part in his election victory.

The news about the subpoena overshadowed the first legislative triumph for President Donald Trump as Republicans pushed a $1.5 trillion tax overhaul through the House on Thursday. But obstacles remain in the Senate, which is refining its own version of the legislation amid objections from key GOP senators. The bill passed 227 vs 205, with 13 Republicans voting against the bill and no Democrats voting for it. Trump called the vote “a big step toward fulfilling our promise to deliver historic tax cuts for the American people by the end of the year.”

At 08:30 GMT, ECB President Mario Draghi is scheduled to deliver a Keynote speech at the Frankfurt European Banking Congress “Europe into a New Era – How to Seize the Opportunities” in Frankfurt, Germany.

At 13:30 GMT, the US Census Bureau, at the Department of Commerce, will release several sets of data: Building Permits and Housing Starts (MoM) for October along with both Building Permits and Housing Starts Change for October. With the data sets all expected to post higher releases, this could result in USD buying. If the data is below expectations we can expect to see USD selling.

At 13:30 GMT, Statistics Canada will release CPI Core and CPI (MoM) for October along with CPI (YoY) for the same period. The annualized rate is forecast to come in at 1.4%, a decrease from the previous release of 1.6%. If the release is substantially different from forecast the markets will experience CAD volatility.

Source link  
Oil hits 3-month lows

On Monday, the dynamics of oil was in the spotlight on a combination of negative factors by both the potential demand and the supply part. Asian markets...

Fed Monetary Policy Report to be released

This report is release twice a year and provides an insight into the conduct of monetary policy and economic developments and prospects for the future for the...

The Pound continues to weaken

Cable (GBPUSD) took a hit yesterday as Boris Johnson resigned from the Cabinet following the earlier decision by David Davis to part ways...

The latest Brexit proposals

The UK's Brexit Secretary David Davis has resigned along with two junior ministers, Steve Baker and Suella Braverman, over PM May's latest softer Brexit proposals...

Some ECB members want earlier rate hike

The markets remain subdued after yesterday's 4th of July celebrations in the US. Despite this Oil headlines are dominating the markets once again. US President Trump...

Gold has played out as a double top

The gold chart has played out as a double top with a break under 1300.00 signalling a move down to 1240.00 from its highs at 1365.00. We have now hit the 1240.00...

Gold chart has played out as a double top

The gold chart has played out as a double top with a break under 1300.00 signalling a move down to 1240.00 from its highs at 1365.00. We have now reached...

President Xi warns of Full Scale Trade War

Risk on sentiment returned briefly yesterday as markets retraced some of Monday’s selloff but sentiment in Asia has declined overnight. The PBOC cut...

USD extend losses in risk adverse markets

Stock markets fell hard yesterday as trade tensions deepened and the consequences of such action has investors worried. US Company Harley Davidson...

In the past 24 hours Bitcoin has gained 9.99% and reached $7340.64. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.2459% and is now at $1.171. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 14.43% and is now at $503.456. Have the most popular cryptocurrencies compared online 24/7.

Top Brokers offering Daily Forex Market Reviews

Forex Currencies Forecasts

Top 10 Forex Brokers 2018

# Broker Review
4FIBO GroupFIBO Group79%