US Dollar Unaffected by Trump’s Impeachment Vote

The US dollar has weakened slightly after trading steady against other major currencies, exhibiting a small dip, following the news of Trump’s impeachment. At the time of writing, the US dollar index DXY is trading at around 97.33.

While the Democrat-dominated House of Representatives passed the vote to impeach Trump, whom they allege has misused his position of power, it is highly unlikely that the Senate will back this decision as Republicans enjoy a majority there. As a result, the US dollar remains mostly unaffected by these latest political developments and has failed to show major moves.

The US dollar also enjoyed some support from recent comments of Fed policymakers who hinted at a wait and watch approach towards interest rates in the coming year or two. Most policymakers express hope that the three rate cuts of 2018 will have a positive impact on the US economy into 2020, even as trade tensions dissipate, signaling a healthy economic growth for the US next year.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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