Search ForexCrunch

Republicans are likely to settle for repealing Obamacare but without any replacement.  The imminent failure of Trumpcare comes on fertile ground: from another political issue related to Trump Junior, through weak US data and the more-cautious central bank.

The move that began in the Asian session is extended in the European session. Here are some updates. And how far will it go? Politics will likely dominate.

Will it continue?

We do not have critical US indicators today, leaving room for further political ramifications. More news about the health care bill, tweets from Trump about it and perhaps surprising new revelations about the Russia affair could impact the US dollar.

Tomorrow we get US housing data and on Thursday we have jobless claims and the Philly Fed Manufacturing Index. The Fed convenes next week and is now in a “quiet period”.

More:  Buy GBP/JPY – Citi trade of the week