Breaking News: "Trump has committed a crime" says Cohen's lawyer, USD falls

Yohay Elam FXStreet

The lawyer of Michael Cohen, US President Donald Trump's former personal lawyer, and fixer said that Cohen knows about a Russian conspiracy. This contradicts the statements by Trump that there was no collusion.

Lanny Davis, who represents Cohen, also told MSNBC that there is "no dispute" that the President committed a crime. Cohen appeared in court on Tuesday pleading guilty to certain charges and agreed to testify against Trump. He said that the President instructed him to instructed him to pay hush money to Trump's lovers to prevent the story from coming out ahead of the Presidential Elections.

Another development on Tuesday also complicates matters for Trump. His former campaign manager Paul Manafort was convicted for tax fraud. Manafort faces another trial and may opt to cooperate with the FBI on the next case.

The news sent the US Dollar down across the board. The EUR/USD tops 1.1600 and the GBP/USD recaptured 1.2900. Political uncertainty could derail economic growth.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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