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Dollar drops after Trump fires FBI director

News Date: 10/5/2017 01:07:05
 

The dollar fell on Wednesday early morning trades and the demand for the yen rose as a safe haven after US President Donald Trump's decision to dismissal FBI Director Gems Comey in a move that shocked Washington.

At 03:42 GMT, the US Dollar index fell 0.06% to trade at 99.26.

Comey had been leading investigations into the alleged Russian intervention in the 2016 US presidential campaign and potential collusion with the Trump’s campaign, this move prompting Democrats to accuse Trump of acting out of political motives.

Any political turmoil in the US will adversely affect the dollar, as a divided Congress could hinder Trump's tax reform plans and stimulus measures.

The UDSJPY pair fell as investors moved to buy the Japanese yen as a safe haven after Trump's political tensions with Comey’s expulsion, and renewed fears that North Korea could test a new nuclear.

The USDJPY fell 0.20% to trade at 113.74.

The euro rose to a six-month high after centrist candidate Emmanuel Macaron won the French election on Sunday.

The EURUSD rose 0.19% to trade at 1.0893.

Markets are now focused on the future of stimulus policies that the ECB continues to follow. European Central Bank (ECB) Governor Mario Draghi is due to speak today before the Dutch House of Representatives, investors will be wait to see whether he will change the dovish tone in light of the recent strength of the eurozone economies.

The pound rallied struggling to the highest level in six months in the light of recent positive economic data from the British economy, which confirms that the economy is in good shape, which promotes the start of tightening monetary policy.

The pound rose against the US dollar 0.17% to trade at 1.2950.

Spot gold prices are trying to recover, taking advantage of the weakness of the US dollar after Trump's sudden move to fire Comey, but expectations of a rise in US interest rates in June will reduce gold's ability to rise.

Spot gold prices rose 0.16% to $ 1223.00 an ounce.

Crude oil prices rebounded after reports showed Saudi Aramco plans to cut supply to the Asian region after OPEC attempts to control price that offset by rising US production, which threatened any attempts to end supply oversupply in the markets.

futures Crude oil contract for June delivery around the opening price of $ 46.20 a barrel.

Today, we are waiting Energy Administration Information (EIA) report with expectations to drop of 2 million barrel compared to the previous reading of -0.9 million barrels. These expectations reinforce the expected recovery of crude oil prices.

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