President Trump's most infamous pledge since winning the election is about to be battled out in the US Senate. The Mexico border wall is potentially about to cause a Government shutdown as Trump attempts to get the bill passed through the Democrat controlled Senate. Since the Mid-terms in the US earlier this year where the Republicans lost control, the bill for the wall was always going to face a difficult challenge.
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The US dollar strengthened at the end of the day as Trump said he would be proud to shut the Government down, which mainly suggests markets might be anticipating this as an empty threat. Government shutdowns are major disruptors to the US economy and have been factors over the last few years since Trump came into power. If anything, in an already volatile time this just adds that little bit of extra drama.
The latest inflation data for November in the US will be released today and is expected to show a slight improvement from 2.1% to 2.2%. At the moment it’s not entirely clear what path the Federal Reserve will go down with interest rates, but positive data for the US is likely to encourage hikes in the near future. There is expected to be an interest rate raise next week when the FOMC meet on Wednesday 19th December, however some analysts are not sure that will happen.
If you’re looking to transfer US dollars in the near future make sure you’re in contact with your broker as the difference between the high and the low at the moment is over a percent each day.
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