Whistleblower report released

3 minute read


A whistleblower report released on Thursday alleged that President Trump not only abused his office in encouraging Ukrainian interference in the 2020 U.S. election, but that the White House tried to “lock down” evidence of his conduct. President Donald Trump has lashed against the whistleblower that revealed the president sought political dirt on his potential political rival Joe Biden. Trump called the whistleblower – a CIA officer – a "spy."


The EUR/USD continues to move lower as concerns over new monetary policy are being given for this new selling pressure as economic news continues to come out worse than expected. The latest release showed German import prices dropped by 0.6%, and France CPI contracted by 0.3% in September. As economic numbers come out from EU, the economic outlook continues to deteriorate. Latest figures show that Germany could enter technical recession in the third quarter. Add to that the possible tariffs by the US on EU cars and continued Brexit uncertainty and you get quite the gloomy scenario.


The British Pound was the big mover overnight trading lower after Bank of England member Michael Saunders said the bank’s next move may be to cut interest rates if Brexit uncertainty continues. There are continuing Brexit negotiations today between UK and EU representatives but most analysts do not expect any breakthrough from today’s talks. PM Johnson has promised to “deliver” Brexit by October 31, “come what may”, even if that means leaving the EU with no deal in place.


The USD moved higher against the JPY after inflation figures fell short of expectations, posting a 0.5% number, worse than expected. This adds pressure on the Bank of Japan to lower rates at their next meeting.  Safe haven trades were once again moved off the books as US-China trade talks will begin in a few weeks.


Federal elections will take place in Canada on October 21, and according to political analysts, whoever gets elected will have to take a tougher stance on China. Canada has been caught in the middle of the trade war between the US and China. Prime Minister Justin Trudeau, the Liberal leader, is said to be trailing in the latest polls against Conservative candidate Andrew Scheer. While Canada and the US are close allies, the Canadian government realizes that China is a growing power that it needs to engage in future economic trade.


According to reports the US and China are scheduled to resume trade negotiations on October 10-11 in Washington DC. Chinese Vice Premier Liu He will lead the Chinese delegation. President Trump has delayed addition tariffs against China from October 1 to October 15, and traders will look to see if the progress in negotiations keeps the President from adding those tariffs. According to the Chinese Ministry of Commerce, China has resumed purchasing US agricultural products. The ministry also stated that there is hope the US and China can meet half-way and get a formal agreement.

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