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US Dollar Higher After James Comey Concludes Testimony

June 8, 2017 at 18:42 by Vladimir Vyun

Packs of US 100-dollar billsThe US dollar rose today after the testimony of former FBI chief James Comey concluded without major revelations that can lead to an impeachment of US President Donald Trump.

Today’s testimony of Comey to the US Senate was considered a major event that could change the US political landscape significantly. Yet those who were counting on some shocking revelations were sorely disappointed. Comey basically repeated what was already known: that Trump requested him to drop the probe into former national security adviser Michael Flynn. What is more, Trump himself was never under investigation. Markets felt relieved after the testimony, and that allowed the dollar to bounce.

As for Thursday’s economic data from the United States, initial jobless claims dropped to 245,000 last week from the previous week’s revised level of 255,000. The report had limited impact as everyone’s attention was focused on Comey’s testimony.

EUR/USD dropped from 1.1254 to 1.1217 as of 18:40 GMT today. GBP/USD fell from 1.2957 to 1.2930. USD/JPY edged up from 109.81 to 110.05.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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