James Comey, the ex-FBI Director who was fired by President Trump a few weeks ago, will begin testifying tomorrow before the U.S. Congress as part of its enquiry into possible links between one of the President’s key advisors and the Russian government.
There has been intense speculation that President Trump may have pressured Comey into bringing the FBI’s investigation to an end, which could possibly amount to an obstruction of justice, which in turn might induce Congress to commence impeachment proceedings against President Trump.
Sources quoted by major news outlets tend to suggest that Comey will present himself as a factual witness, giving concrete details of his conversations with President Trump, rather than as an “interpretive witness” trying to paint a picture of the legality of the President’s pattern of behavior. Regardless, his testimony is likely to call the President’s accounts into dispute, which will then be seized upon by the President’s enemies in Congress and the media and used to fuel an attempt to drive an impeachment process. The degree of impact this will have on U.S. markets will depend upon how credible and damaging to the President the testimony is deemed to be.
Tomorrow is being dubbed “Super Thursday” as there are also two big events taking place which will certainly have an impact upon Forex markets”: the European Central Bank will be releasing its monthly monetary policy statement, which will be closely watched as the Euro has gained much ground in recent months, but could be undermined following a leak today which implied a potentially weaker monetary policy. Above and beyond the ECB, the United Kingdom holds a general election tomorrow, and when the first exit polls are released later in the day, the world will get its first indication of whether the currency Conservative Government will be re-elected to pursue a “hard Brexit”, or whether a new Labour Government controlled by the hard left of British politics has a true chance of winning an upset victory.