The USD is coming under increasing pressure, as the plot continues to thicken around President Donald Trump and his now infamous sacking of FBI chief James Comey.
The table below displays GBP/USD movement over the last month:
|Currency Pair||% Change||Difference on £200,000|
The greenback has suffered losses against most of the major currencies of late and its poignant that despite the issues mentioned earlier in this report for the UK economy, the Pound has not lost value against the USD.
Pound to US Dollar exchange rates have moved back above 1.29, following more stories being leaked about how Donald Trump has seemingly backed himself when accused of leaking classified information to a Russian diplomat on their recent state visit.
This in itself will likely cause investors to panic but overnight another story has hit the headlines, which is possibly even more shocking.
President Trump apparently asked the now ex FBI chief Comey to drop the investigation into his ex-national security advisor Michael Flynn, with the media stating he used the words ‘I hope you can let it go’ after a White House meeting in February.
Whilst the White House deny the allegations, it is yet another potentially crippling story for the Trump camp and unlikely to assist the USD in making any major inroads over the coming days.
Who knows what this man will say next but investors are losing confidence in his ability to drive the US economy forward and this is being reflected in the value of the greenback.
With little economic data of note for the US over the next few days expect the Trump saga to dominate headlines. We could see the USD fall further as the story develops and investors decide to pull their funds away from the USD and avoid Trump causing any more downturn for the currency.
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