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US Dollar Tumbles on Report of Subpoena against Trump’s Election Campaign

Categories: AUD, CAD, EUR, GBP, Markets, News, NZD, USD


The Pound (GBP) jumped against the majority of its peers on Thursday as the UK currency was buoyed by the UK’s latest retail sales figures.

Data released by the ONS showed that sales growth struck 0.1% in October, with markets welcoming even this modest sign of growth after sales tumbled to -0.7% in September.

Sterling found further gains overnight as well as along with the Euro (EUR) it was the main benefactor of a downturn in the US Dollar (USD).


The Pound Euro exchange rate climbed by around half a cent on Thursday following the UK’s upbeat retail sales data.

Simultaneously the single currency was weakened yesterday by the publishing of France’s latest labour report as it revealed that unemployment rose from 9.5% to 9.7% in the third quarter, the first rise in over two years.

US Dollar

Sterling surged by over half a cent against the US Dollar yesterday as the ‘Greenback’ came under significant pressure from reports that Special Counsel Robert Mueller subpoenaed Trump’s campaign last month.

The subpoena is part of the FBI investigation into possible Russian interference in last year’s presidential election and will renew concerns about possible collusion between the Russian state and Trump’s campaign team.

The fallout from the report also hampered the US Dollar’s possible gains from the US House of Representatives vote to approve corporate tax cuts, seen as another step towards Trump’s long awaited tax reforms.

Canadian Dollar

The Pound Canadian Dollar (GBP CAD) exchange rate struck a new two-week high this morning as investors flocked to Sterling following a dip in USD.

Meanwhile the ‘Loonie’ may be forced lower again later this afternoon as Canada’s latest CPI figures are expected to show that domestic inflation fell from 1.6% to 1.4% in October.

Australian Dollar

Sterling climbed over a cent against the Australian Dollar (AUD) during the Asian trading session last night as the ‘Aussie’ lost out in the US Dollar sell-off on Thursday.

New Zealand Dollar

The Pound New Zealand Dollar (GBP NZD) exchange rate struck its highest levels since the Brexit referendum overnight on Thursday as the pairing’s rally was driven higher by a fall in the ‘Kiwi’ following a dip in domestic manufacturing activity.

TorFX Author: TorFX

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Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product. Full Disclaimer

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