US House Speaker Pelosi: House to open a formal Trump impeachment enquiry

Speaker of the US House of Representatives, Nancy Pelosi, is on wires now announcing formal impeachment inquiry against President Donald Trump in a matter concerning a call with Ukraine’s President in July. President Trump and his allies are accused of pressuring of a foreign leader to investigate a domestic political opponent.

Key quotes

“House to open a formal Trump impeachment enquiry.”

“Trump has seriously violated the US constitution.”

“Trump's call with Ukraine's President marked breach of constitutional responsibilities.”

FX implications

Given the House Speaker’s key announcement against President Trump, market’s risk-off mood is likely to accelerate, which in turn could have a positive impact on Gold prices while dragging the equities and bonds yields down. However, early Asian session shows little reaction to the news amid a lack of trading activity.