The U.S. dollar lost ground against a basket of currencies today, as once again President Trump hit the headlines for all the wrong reasons.
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It has been a week to forget for Donald Trump. Following the sacking of FBI director James Comey and reports of the President disclosing sensitive information to the Russian foreign minister, markets were rocked again today by news of leaked memo from the former FBI director.
The memo stated that Trump had asked Mr Comey to end the FBI's investigation into ties between Russia and the former National Security Advisor Michael Flynn during a meeting in February.
As the media broke the news the dollar immediately lost ground, with safe-haven currencies like the Japanese Yen and Swiss Franc rising in value.
The pound was also able to take advantage of a weakening dollar, with the GBP/USD cross rising to $1.29855 the highest we have seen the pair since the 28th September.
GBP/USD graph
This latest scandal (although not proved), has increased speculation that Trump could be facing impeachment, with certain circles now saying it is unlikely the President will see out his first term.
The U.S. dollar has now given up all of the gains it made following Trumps election, and represents an excellent opportunity for those of you looking at buying the greenback.
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