Unprecedented political instability and turmoil rocked the US capitol over the recent week sending the Dollar into a wild ride. With less than two weeks left for President Donald Trump in office, events took an unsettling turn for the United States, as what some call an “insurrection” took place at the nation’s capital.
Prior to the events that transpired on Wednesday, the US Dollar Index (DXY) floated below 90.00 for the past two weeks. On Wednesday itself, it dipped to lows of 89.25 while the “Stop the Steal” rally was ongoing. However, soon after with the condemnation of Donald Trump and his allies by both Democrats, Republicans and Big Tech, the US Dollar Index rose to stable levels.
The news of potential impeachment and enactment of the 25th Amendment in a bid to oust the President, brought the US Dollar above the 90.00 mark for the first time this year. As a result, commodities such as Gold Spot took a dive. Currencies against the US Dollar may continue to see a dip within the upcoming weeks leading up to the inauguration; however, with an alienated 74 million populous, the United States may yet cause further instability and turmoil, as is rumored of a potential follow up to the Capitol Riots. This may take the US Dollar, yet again, on another wild ride.