Crypto markets stem negative tide
The cryptocurrency markets halted their massive decline somewhat on Wednesday although most coins remained at near record lows over the past months. Bitcoin settled at the $8400 support level but could be poised for further declines on low turnover. Most of the other major coins were in positive territory although still way below their recent highs. Ethereum was up by around 1% to the $169 mark whilst Litecoin also saw a small 3% increase to the $56 level. Ripple was also up by 3% to the $0.245 mark whilst Stellar recovered strongly and posted a double-digit gain of 12% to the $0.06 mark.
Dollar suffers as Trump impeachment inquiry is announced
The dollar suffered on Wednesday as the U.S. House of Representatives moved to open a formal impeachment inquiry against President Donald Trump. In the interim, further negative pressure continued with weak U.S. consumer confidence data increasing worries over the Sino-U.S. trade row.
The Ukraine-Trump-Biden situation continued to take a turn for the worse with markets being spooked further. House Speaker Nancy Pelosi lost no time in announcing a formal impeachment inquiry against President Trump accusing him of having threatened national security and also violating the US Constitution.
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The yen held steady at 107.09, having hit a two-week high of 106.96 the day before. The safe-haven Swiss Franc also rose to near three-week high of 0.9845 Franc per Dollar on Tuesday and last stood at 0.9859.
The euro, which was bashed by weak euro zone economic data at the beginning of the week, stood at $1.1017, off Monday’s low of $1.0966.
Boris Johnson unrepentant and defiant
Boris Johnson has paved the way for an acrimonious “people versus parliament” general election with a defiant defence of his Brexit strategy. In a heated outburst, he refused to take any blame for his historic defeat in the Supreme Court.
On a day of bitter debate in the House of Commons, which was recalled after Britain’s highest court overturned the prime minister’s attempt to suspend it for five weeks, he claimed MP’s were trying to “sabotage” Brexit and “surrendering” to Brussels.
Cheered on by Conservative MPs, Mr. Johnson used his legal defeat as a springboard for political attack. He claimed that MPs had “run to the courts” instead of having the courage to take him on at a general election. The prime minister then challenged opposition parties to table a vote of no-confidence in him on Thursday and “face the day of reckoning with the voters”.