The US Dollar appears to be steadier on Wednesday, following Tuesday’s steep decline. The greenback regained most of the ground lost yesterday. The US Dollar index, which measures the performance of the Dollar against a basket of other currencies, is currently trading around 98.16.
Photo by Kyle Ryan.
Yesterday’s losses took place as news started to emerge that the US Congress will launch an impeachment process against President Donald Trump, following reports that he broke the law when trying to gather compromising information about then potential Democrat presidential runner, Joe Biden. The markets appear to be apprehensive about this development, mainly because a cornered Donald Trump can be dangerous and increase the level of belligerence in the ongoing trade negotiations. It is expected that in such a scenario Donald Trump would come out all guns blazing, in what would be an effort to galvanise his core supporters and, at the same time, distract from any ongoing impeachment procedures, in order to minimise any negative impact on his re-election campaign.
