Johnson unlawful in proroguing Parliament, Trump facing impeachment proceedings…
Yesterday, the highest court in the land, the Supreme Court, found Prime Minister Boris Johnson acted in an unlawful manner when he prorogued Parliament back in September. In a unanimous decision the court were abundantly clear in condemning the PM’s actions.
The pound rallied higher into the decision but was capped by the $1.25 level as well as a pocket of resistance around the €1.14 level on the GBPEUR pair. After the dust settled the pound gave up some of its gains but still traded higher on the day. Following all the calls for Johnson to resign it seems the sterling advances were tempered as the reality of a general election looms large.
Across the pond, Donald Trump has his own set of problems as Democrat Nancy Pelosi announced yesterday that she would formally begin the process of impeachment. This follows a call Trump had with the Ukrainian Prime Minister where he allegedly pushed him to investigate Joe Biden. The news of this sent stock markets and risk assets tumbling while the greenback weakened a touch. Watch this space…
Today’s economic calendar is light with the only release of note new home sales in the US mixed with Federal Reserve speeches from members George and Brainard.
Written by Viv Savani. 8:21am, September 25th 2019
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