US equities are recovering slightly after Donald Trump’s FBI folly, which shed 1.8% off the S&P 500 this week.
The S&P 500 closed 0.4% higher on Thursday, after the biggest tumble in eight months.
Recently, investors have been focused on Donald Trump’s possible impeachment, which could potentially undo all of the gains we’ve seen since his election in November of last year.
Equity markets are feeling more optimistic this morning, mostly edging upwards, supported by better-than-expected jobless claims.
Adding to the political strife is Brazilian president Michel Temer. Brazilian assets were hit hard after calls for Temer to step down over an alleged coup.
Thursday’s stronger-than-expected retail sales propelled sterling to $1.30 for the first time since October.
Additionally, this morning’s manufacturing data picked up pace, coming in at 9 instead of the predicted 4. According to the report, most manufacturers believe that Britain’s output will continue to grow at a robust pace.
GBPUSD is at 1.30.
Trump’s alleged interference with an investigation regarding the role of Russian in the US elections has posed some serious questions about the US president. The dollar has suffered as a result of Trump’s possible impeachment. As investors mull over the scandal’s effect on the US economy, a sharp selloff of the dollar has taken place.
On the other side, the euro continues to be supported by the results of the French election, making it a good alternative to the diminishing dollar.
EURUSD is at 1.116.
Crude oil has added 1.15% to its value this morning, just hovering around the $50 mark. Meanwhile, Brent oil, the international benchmark, is at $53.07. OPEC and allies meet in Vienna next week to discuss supply reduction.