Daily Currency Update

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US House of Representatives in the Spot Light with Impeachment Vote

USD - United States Dollar

It is a very light day on the data front today with MBA Mortgage applications having been reported. Applications fell -5% from the previous release of 3.8%. Later at 10:30 am, crude oil inventories will be reported.
US political noise may play a roll in the greenback's position against its counterparts today as the House lead by Speaker of the House of Representatives Nancy Pelosi are voting on two articles of impeachment against President Donald Trump at 11 am today. Passing these bills will move the process forward to Senate trial in January.
Rising crude oil optimism continues as the United States and China are moving in the right direction to curb their trade war with phase one of the agreement being implemented and additional tariffs sidelined from both sides for the time being. WTI crude is trading above 60 dollars a barrel again this morning ahead of weekly inventories. Crude has seen a lift in pricing as global demand is seen rising through 2020, with trade optimism the main driver.

Key Movers

Brexit remains at the top of the headlines as fear is returning to a possible no-deal Brexit at the end of next year. Prime Minister Boris Johnson will use his new control of parliament to rule out any extension to the Brexit period beyond 2020. Still, European leaders have said a deadline of December 2020 would be too tight to negotiate a deal, and the proposal could lead to a no-deal outcome.

Expected Ranges

EUR/USD: 1.1102 - 1.1155 ▼

GBP/USD: 1.3059 - 1.3135 ▼

USD/CAD: 1.3121 - 1.3176 ▼

AUD/USD: 0.6838 - 0.6859 ▲

NZD/USD: 0.6553 - 0.6581 ▲