1. Mike Pence rejects Democratic initiative
2. The dollar was under pressure
3. Saudi Arabia cuts oil supplies to Asia and Europe
US Vice President Mike Pence rejected the Democrats' initiative to take advantage of the 25 amendment to the constitution and deprive President Donald Trump of powers due to incitement to storm the Capitol last week. On Wednesday, a vote will be held in the House of Representatives on the impeachment of the president. In a letter to Nancy Palosi, the vice president noted that using 25 amendment would set a "terrible precedent." He urged lawmakers to "avoid actions that will further divide society and heat passions."
At trading on Wednesday, the US dollar continues to weaken against major global currencies amid declining yields on US Treasury bonds. Now the yield on 10-year trigeris is at 1.121, against the new 10-month high set yesterday at 1.186. Later today, speeches by some representatives of the US Federal Reserve will take place. Investors will monitor signals about the prospects for extending the asset buyback program. These comments may have a strong impact on the further dynamics of the movement of US trigeris and dollar yields.
Saudi Arabia cut crude oil supplies to at least nine refineries in Asia and Europe after agreements were reached earlier this month to cut production by 1 million barrels per day in February and March this year. Saudi Arabia's national oil company Saudi Aramco will reduce oil supplies to Asian processors by about 20-30%. Today, WTI and Brent are trading up more than 1%.
News to pay attention today:
09:00 GMT. EU: ECB President Christine Lagarde's speech
13:30 GMT. US: Consumer Price Index for December
15:30 GMT. US: EIA Weekly Oil and Petroleum Reserves Report