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Dollar Loses Ground On Trump Impeachment Inquiry, Weak Economic Data

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Dollar Loses Ground On Trump Impeachment Inquiry, Weak Economic Data

The U.S. dollar exhibited weakness against major currencies on Tuesday, after data showed a drop in consumer confidence in the month of September and amid renewed Democratic calls for President Donald Trump’s impeachment.

The dollar index, which declined to 98.29, was last seen at 98.34, down 0.26% from previous close.

Against the euro, the dollar was down 0.23%, at 1.1020

The British Pound Sterling was gaining about 0.5% with a unit fetching $1.2493, as compared to $1.2432 Monday evening.

The dollar was weak against the Yen as well, with a unit of the greenback fetching 107.06 yen, against previous close of 107.54 yen a dollar.

The dollar was down 0.16% against the loonie at 1.3242, and down 0.43% against Swiss franc, at 0.9856. Against the Aussie, the dollar was down nearly 4% with the Aussie-Dollar pair trading at 0.6799.

According to reports, House Speaker Nancy Pelosi told Democrats in a closed door meeting that she will support a formal impeachment inquiry of President Donald Trump, kicking off a dramatic escalation of the confrontation with the president.

After spending months tamping down calls from many Democrats to begin impeachment proceedings, Pelosi is now shifting to support the effort despite continued concerns within her party that the Republican-controlled Senate will continue shielding the president.

Trump, who has come under fire amid allegations he threatened to withhold military aid from Ukraine unless Zelensky conducted an investigation of former Vice President Joe Biden and his son Hunter.

Trump said today that he has authorized the release of the transcript of a controversial call with Ukrainian President Volodymyr Zelensky that has renewed Democratic calls for his impeachment.

Trump tweeted that he will release the “complete, fully declassified and unredacted transcript” of his conversation with Zelensky in an effort to derail the continuation of the Democrats’ “Destructive Witch Hunt.”

Meanwhile, in economic news today, a report released by the Conference Board showed U.S. consumer confidence deteriorated by much more than anticipated in the month of September.

The Conference Board said its consumer confidence index tumbled to 125.1 in September from a downwardly revised 134.2 in August.

Economists had expected the consumer confidence index to dip to 133.0 from the 135.1 originally reported for the previous month.

The material has been provided by InstaForex Company – www.instaforex.com