Daily Currency Update

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House Impeaches Trump, Dollar Steady at the Market Open

USD - United States Dollar

Perhaps the biggest news over the past 24 hours comes from the U.S., where the House Speaker, Nancy Pelosi and a democratic majority House of Representatives voted to impeach President Donald Trump, accusing him of misuse of power and obstruction of Congress. A trial is currently set to take place in the Senate in the New Year; however, given the Republican Party majority there, it is highly unlikely that the president will be removed from office when senators cast their votes.
Rising crude oil optimism continues as the United States and China are moving in the right direction to curb their trade war. Crude oil prices topped out overnight at 60.94 dollars per barrel and have since corrected 0.16 percent with WTI now trading at 60.75 dpb. Crude has seen a lift in pricing as global demand is seen rising through 2020, with trade optimism the main driver.

Key Movers

The Pound remained under selling pressure yesterday against the Greenback, settling below the 1.3100 figure and not far above a daily low of 1.3059. The Pound sterling is the softest of the majors, losing further ground after Prime Minister Boris Johnson looked to prevent the U.K. from extending the Brexit transition process beyond the end of next year. The U.S. dollar rose on Wednesday alongside Treasury yields, boosted for the second straight day by robust economic data earlier this week. Yesterday in the U.K., the release of November inflation figures ticked up to 1.5% YoY in November, below the Bank of England's target and in-line with its recent downtrend.

Expected Ranges

EUR/USD: 1.1109 - 1.1144 ▼

GBP/USD: 1.3023 - 1.3133 ▼

USD/CAD: 1.3107 - 1.3127 ▼

AUD/USD: 0.6848 - 0.6884 ▲

NZD/USD: 0.6572 - 0.6596 ▲