The US Dollar steadied versus key rivals, namely the Euro and British Pound, during Wednesday trade in London as FX traders await the outcome of today's Congressional vote on the impeachment of President Trump. Polls suggest that there is a large enough majority in the US House of Representatives to impeach the president on two charges which were laid out in the US Constitution. The US Senate would vote next month, but as it has a narrow Republican majority, analysts don't believe they will vote to impeach. US data is also driving sentiment for the greenback, with markets hopeful the news will persuade the Federal Reserve to consider lowering rates, though analysts agree it will not be any time soon.
In London as of 11:15 a,. the EUR/USD was trading at $1.1135, down 0.1623%; the pair has slipped from a session peak of $1.11555, while the low for the session is recorded at $1.11262. The GBP/USD was trading at $1.3111, down 0.0869%; the pair has ranged from $1.307171 at the low end to $1.31399 in the high.
Euro Data Fails to Lift Euro
Analysts had expected that the upbeat IFO surveys released earlier today for Germany, the largest economy in the Eurozone, would have helped push the Euro higher. IFO reported that the December surveys on Business Climate, Expectations and Current Assessment were all better than expected at 96.3, 93.8 and 98.8, respectively. An unexpected decline in Germany's producer price inflation could be to blame says one strategist.