020 7898 0500The dollar slid lower yesterday after Donald Trump unexpectedly fired FBI Director James Comey, raising questions about whether this latest crisis could impede the implementation of the government’s economic agenda.
Trump said Comey – who had been leading an investigation into his 2016 presidential campaign’s possible collusion with Russia to influence the election outcome – was sacked because of his mishandling of an email scandal involving presidential nominee Hillary Clinton. However, questions are being raised over whether he is trying to cover his own tracks.
Overall, the market remains positive on the dollar, as there are expectations that US growth will pick up in the second half of the year and the Federal Reserve will maintain its rate-hike stance. However, as might prove to be the case throughout his tenure, this positivity is largely dependent on Trump, his policies, and his ability to pass through tax reforms.
In addition, North Korea still remains in the background and another weapons test from them could be on the cards.
Meanwhile, today sees US unemployment claims and PPI data released.
