November 15th, 2019 - 3 Things That Happened This Week
Updated: Nov 20, 2019
1. The Trump impeachment began
Led by Rep. Adam Schiff (D-CA), the public hearings are set to show evidence that President Trump tried to urge or coerce the government of Ukraine into investigating his rivals for political reasons. Wednesday Ambassador Taylor claimed Giuliani (President Trump’s personal lawyer) as the leader of a “highly irregular” policymaking channel on Ukraine. Mr Kent took to the stand and said that the pressure from Giuliani’s investigations into the President’s rival Biden “were now infecting U.S. engagement with Ukraine,”. The Republican intelligence panel were quick to focus on the fact that neither of them had spoken with the President.
Today, the former U.S. Ambassador to Ukraine Marie Yovanovitch said she felt threatened by President Trump. He remarked that, she would be "going through some things" and was "bad news". In order for Trump to be removed from office ⅔’s of the Senate would have to vote for impeachment. Currently the vast majority of the Republican Senate has come out in favor of Trump and analysts believe that this will have very little effect on the markets.
2. Chilean Peso weakened over 9% in a day
The Chilean Peso dropped to as low as 800 to 1 USD on Tuesday, as plans for a new constitution was seen as a risk to Chile’s free-market economy. In an attempt to stabilize the currency, Central Bank President Mario Marcel came out and said that they are ready and willing to act with a number of tools at their disposal to combat the situation. He urged people to focus more on the economic fundamentals which remain solid. Chileans have been revolting for the past 3 week over rising living costs and the latest measures taken by the government have done little to calm the situation.
3. The Aussie got caught in the US/China cross fire
The AUD slid substantially lower against the USD today as the unemployment rates increased from 5.2% to 5.3%. A number of analysts are now expecting an RBA cut in February 2020 with the fears that the US-China trade war could indeed have a knock on effect to the Australian Economy. AUD/USD weakened from 0.6930 to 0.6670.