Forex news for Asia trading for Thursday 7 January 2021

Political news out of the US was to the fore during the session. Early Asia time saw the terrorist invasion of the US Capitol building slowly cleared, followed by resumption of business in Congress. Check out the bullets above for the progress of the session but, in brief:

  • articles of impeachment are being prepared against Trump, again
  • Cabinet members were reportedly discussing invoking the 25th Amendment to the US Constitution to remove Trump on the grounds of mental instability
  • various US government officials are reportedly 'considering resigning' while others already have
  • Trump was suspended from posting on Twitter, Facebook and Instagram due to his violation of terms (inciting violence)

All through this FX was barely moved here during the session, most currencies maintaining the usual small Asia ranges. GBP was an exception, it dropped 40 or so points away from its session highs. Earlier news out of the UK reporting London hospitals will be overwhelmed within 2 weeks regardless of how the COVID-19 pandemic develops in the capital was ignored when it hit but may have had something to do with the outsize move for sterling later.

We had some data releases during the session but, as noted already, the focus was well and truly elsewhere.

Forex news for Asia tradingfor Thursday7January 2021