Trump Making History

It certainly won't be the legacy he hope for when he took office, but Donald Trump's presidency will certainly be viewed as unique in years to come. The outgoing president has become the first in US history to face impeachment twice. Following an ultimatum delivered by the Democrats to Trump's VP Mike Spence to remove Trump or have him impeached, the Democrats have officially charged Trump with one count of "incitement of insurrection" over the Capitol Hill riots last week which saw 5 people killed, including a police officer.

Democrats Pushing For Impeachment

On Monday, Republicans thwarted an attempt to pass a resolution calling for the removal of Trump ahead of the official January 20th transition date. With Republicans blocking the effort to approve Trump's removal by unanimous consent, there will now be a full vote later today with Democrats confident that they will succeed.

Democrats are calling on Trump's VP to use the 25th amendment to remove trump from office. However, with Pence refusing to do so, Democrats are now pressing ahead with impeachment charges as promised. The charge against trump, " high crimes and misdemeanours by inciting violence against the government of the United States" will be debated by the House on Wednesday. However, in order to succeed with impeachment, the Democrats will need Trump to be convicted in the Senate which is currently adjourned until Biden's inauguration. The Democrats have also outlined that they won't press ahead with impeachment until after Biden is sworn into office.

FBI Warns Of Further Violence

Following the violence last week, there are fears over the potential for further violence at Biden's inauguration event next week. The FBI has warned that pro-Trump militia members are attempting to organize another storming of the capital with online groups calling for "A Million Militia March" on January 20th. The FBI is carrying out special work to secure the event, which is expected to feature greatly bolstered security.

Trump Banned From Social Media

Trump himself has been particularly quiet following the riots. Having been banned from virtually all social media platforms following his incendiary comments around the riots and visible failure to condemn them, Trump is due to make his first public appearance in Texas later today and citizens and traders will be keen to see how he addresses last week's violence.

Technical Views

DXY

The Dollar Index has firmed over recent days with the index rallying up off the 89.36 level. Price remains within the bearish channel which has framed the decline since summer 2020 and is currently challenging the 90.50 resistance level. While this level holds, the near term bias is for further downside. Above here, the 91.74 level and bear channel top will be the next resistance areas to watch.


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