Trump Impeachment Trial Underway

This probably isn’t the start to the year (or decade for that matter) that Donald Trump had in mind.

Last week, the US House of Representatives voted in favor of sending articles of impeachment to the Senate for a trial next week.

The motion passed by 228 votes to 193. House Speaker Nancy Pelosi signed the articles of impeachment alongside Democratic lawmakers who will lead the prosecution against Trump.

Making History

Speaking at a press conference ahead of the document signing, Pelosi told reporters:

“Today we will make history. When the managers walk down the hall, we will cross a threshold in history – delivering articles of impeachment against the president of the United States for abuse of power and obstruction of the House.”

Trail To Begin on Tuesday

The trial will begin this Tuesday. Given that the Senate is controlled by Trump’s Republican party, it is unlikely that the Senate will vote to convict Trump and remove him from office.

However, the damage to his reputation might strike a decisive blow to Trump’s chances of re-election at the upcoming presidential elections in November.

Trump’s 2020 Chances in Question

Trump’s chances of re-election have been in the news for other reasons this week.

Lev Parnas, the businessman embroiled in the Ukranian situation at the heart of Trump’s impeachment scandal, along with Trump’s personal attorney Rudy Giuliani, made controversial comments about the issue this week.

Parnas Comments Anger Trump

Speaking with CNN, Parnas told reporters that Trump’s motivations for attempting to discredit political rival Joe Biden were not due to his concerns over political corruption in Ukraine but instead, “were all about 2020.”

Parnas told reporters:

“That was the most important thing, for him to stay on for four years and keep the fight going. I mean, there was no other reason for doing it.”

However, ahead of the official arguments which begin on Tuesday, Trump has already vehemently argued that he does not know who Parnas in. This is despite the existence of a stream of pictures of the two men together.

In response, Trump has stated that while he might have taken a photo with him, he has no knowledge of who he is and has certainly never been in contact with him regarding any request for help.

Conviction Unlikely

The impeachment trial certainly takes the shine off Trump’s trade deal with China, which was signed in Washington last week. Again, while conviction and removal from office are unlikely for Trump, the key here will be the impact on his 2020 campaign.

Technical Perspective

US Dollar index

The US Dollar index has posted a firm recovery off the 96.37 level. It is now testing the 97.42 resistance, in the middle of the bearish channel from 2019 highs.

Above here, the channel top is the next resistance, ahead of the 98.25 level.

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About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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