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Daily Market Commentary
Markets remain directionless in Europe and the USA, with most of Europe under severe lock-down restrictions, while the US experiences contrasting experiences, according to the individual States political leadership. The US political turmoil continues, with agitated Democrats attempting to force the President from office, despite less than a week of his term remaining! The political situation is highly partisan and extremely turbulent. Pelosi and her associates, tried to force POTUS from office by voting for the 25th Amendment, but VP Pence refused the invitation. The Democrats immediately pivoted to yet another impeachment vote. These are desperate and unprecedented times and markets are remaining square. The EUR drifted to trade around 1.2150, while the GBP inched up to 1.3630, despite the political storms blowing across Europe. The Italian Government may well fall, as the Coalition falls apart, which will add further spice to the mix!
Commodity currencies remain subservient to the reserve currency, with the AUD looking to regain 0.7750, while the NZD holds below 0.7200. These trade exposed currencies remain extremely vulnerable to political machinations and global market fall-out. The simple logistical challenges are enough to seed some doubts in the economic recovery. The next week remains critical, in the USA, with the inauguration scheduled for January 20th