US Dollar Unaffected by Trump’s Impeachment Vote
Arslan Butt • 1 min read
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.