US Senate majority leader sees Trump's removal as “inconceivable”

The US Senate majority leader Mcconnell says “it’s inconceivable” senate will have 67 votes to remove Trump from office. More to come...  |  19/11/2019 19:17

The US Senate majority leader Mitch McConnell says “it’s inconceivable” senate will have 67 votes to remove Trump from office. This comes the week after the US House of Representatives began holding public hearings in the impeachment inquiry.

The House is yet to vote on whether to approve articles of impeachment but markets are of the mind that it wouldn't lead to Trump's removal from office. However, a lengthy Senate impeachment trial could remain a dark cloud over markets. For instance, McConnell has previously indicated that the ongoing inquiry had already been slowing progress on various other priorities such as the US-Mexico-Canada Agreement, which requires Congress' approval.

Update:

In addition to this news, an update came via Reuters that six White House experts told a hearing that Trump made improper 'demand' of Ukraine:

A White House official testified in the impeachment inquiry against President Donald Trump on Tuesday that the president's request that Ukraine investigate a domestic political rival was an improper "demand," as he fended off Republican efforts to cast doubt on his competence and loyalty to the United States.

FX implications: 

As mentioned, the risk here for markets is not so much with an unlikely scenario where Trump could be ousted, but more with the length of time a Senate impeachment trial could take – indeed, uncertainty usually plays into the hands of the yen and gold bulls. 

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