Dollar remains fragile due to White House chaos

Yesterday’s markets

10th August 2017

  • USD - Crude Oil Inventories: -6.5M
  • NZD - Official Cash Rate: 1.75%
  • NZD  - RNBZ Press Conference

Further White House chaos ensued yesterday as the FBI conducted a pre-dawn raid on the Virginia home of Donald Trump’s former campaign chairman, Paul Manafort. Reports from the US media have stated that Federal agents have seized files and other material from inside Mr Manafort’s home. It is unclear exactly what documents were taken from Mr Manafort’s Alexandria home, but according to one of Manafort’s spokesperson, Mr Manafort has consistently co-operated with law enforcement and other serious inquiries and did so on this occasion as well.

South African President Zuma, who since taking office in 2009 has been caught up in corruption allegations, has now been thrown a lifeline, after receiving sufficient backing within the African National Congress.  Zuma saw off challengers as he survived a no confidence vote by a majority of 198 to 177.  The vote arose after the Democratic Alliance party accused him of suppressing democracy.  This now sees President Zuma remain at the helm, despite a continued call of no confidence and corruption charges against him, as the country’s economic demise also continues. South Africa slipped into recession in June. The lack of confidence in the President and his parties’ regime for the country, leaves the future of the economy far from clear. 

Today’s markets

9th August 2017

  • GBP - Manufacturing Production m/m
  • USD - PPI m/m
  • USD - Unemployment Claims

A raft of monthly figures hit the wires this morning. The UK dominate the proceedings, with the Manufacturing and Industrial Production gauges being posted. The US release their weekly Unemployment Claims in the afternoon.