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14.01.202114:58 Forex Analysis & Reviews: Markets remain calm even amid Donald Trump's impeachment

Exchange Rates 14.01.2021 analysis

Last night, a vote was held regarding Donald Trump's removal from office. In fact, Trump is the first ever US president that is impeached twice.

According to reports, majority of the legislators voted for the move, and some of them were even members of the Republican party.

However, there were also those, namely Republicans, who openly called on the Democrats to abandon the idea of impeachment in the name of national unity. House Minority Leader Kevin McCarthy even called it "a mistake". Other allies of Trump, such as Ohio Congressman Jim Jordan, not only did not support the resolution, but also accused the Democrats of pursuing political interests.

In any case, Trump was impeached because of the recent riot in the Capitol. Prosecutors said Trump has already incited uproar more than once, and has generally endangered the security of the United States and government institutions. Members of the House of Representatives also said that Trump is a threat to national security and democracy, which is why he should be immediately removed from such a high and influential position.

In spite of this, the markets remained calm. In fact, the S&P 500 even rose slightly, by about 0.2%.

And Donald Trump, after the announcement of the results of the vote, made an appeal to the American people. He condemned both the unrest and storming of the Capitol and spoke negatively about further manifestation of violence. He decided not to comment, however, on the impeachment announced to him.

Even before the impeachment vote, the House of Representatives already called on Vice President Mike Pence to remove Trump from his seat before the end of his term. Congressmen planned to apply the 25th Amendment to the Constitution, according to which the vice president and most key positions in the administration can remove the current president from office on the basis of his disability. However, Pence refused to exercise this right and urged the Congress not to divide society in this way.

Nonetheless, the first step of the process has been launched. The House of Representatives has passed the impeachment resolution, and it will now be referred to the Senate. But Senate Majority Leader Mitch McConnell said it would be almost impossible to carry out the entire process before January 20.

Despite that, many are still hoping for its approval. Because even if Joe Biden sits in the office, Trump's impeachment will not be a waste. With it, Trump will never be able to run in the US elections again.

The Congress said it will consider the resolution following Joe Biden's inauguration on January 20.

Andreeva Natalya,
Analytical expert
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