The Greenback slumped against the majority of its crosses after President Donald Trump fired Rex Tillerson and replaced his chief diplomat with loyalist CIA Director, Mike Pompeo following a series of rifts over policy on North Korea, Russia and Iran. The political instability weakened the Dollar across the board soon after Donald Trump took to twitter to announce the news.
Closer to home, UK Prime Minister Theresa May is set tomorrow afternoon to respond to the Russian spy saga. The nerve agent attack on a former spy and his daughter has shocked the world and May’s reaction in Parliament is due tomorrow. Possible scenarios could be to expel diplomats, remove the broadcast license for the country’s English-language television arm, and prevent UK officials from attending this year’s Football World Cup hosted in Russia.
Tomorrow’s high tier releases include a speech by ECB President Mario Draghi, US Retail Sales forecast at 0.3% and another key piece of inflation data in the form of the US PPI.