Sterling hit two week lows on Thursday after giving up all its post-election gains on fears that Britain may still leave the European Union without a trade deal at the end of next year. Market optimism following the Conservative Party’s decisive win in last week’s general election has waned after Prime Minister Boris Johnson set a hard deadline of December 2020 to agree a trade deal with the EU, risking another no-deal Brexit cliff-edge if an agreement isn’t reached.
For those of you that have been under a rock, the U.S. House of Representatives impeached President Donald Trump on charges of abuse of power and obstructing Congress, the culmination of an effort by Democrats that further inflamed partisan tensions in Washington and deepened the nation’s ideological divide.
The historic votes on Wednesday evening, which won the support of almost all Democrats in the House chamber but not a single Republican, leave Trump as only the third president in U.S. history to be impeached — and the only impeached president likely to win his party’s nomination for re-election. The Senate has put on hold as to when they will have a trial as to decide whether the president should be convicted on the charges and removed from office, though the Republicans who have the majority in that chamber will almost certainly acquit him.
The Canadian dollar is a weaker, expect a narrow range till tomorrow’s Canadian retail sales.