Forex Today: Trump in trouble, UK parliament is back, trade uncertainty is weighing


Here is what you need to know on Wednesday, September 25:
- US Democrats have announced they will move to impeach President Donald Trump. The move weighed on markets and pushed safe-havens such as the yen higher. 
- Trump lambasted China's trade practices despite fresh Chinese buying of US agricultural goods, adding to the damp mood. China's "Beige Book" has shown a significant slowdown in the third quarter.  The US is preparing tariffs against the EU following the WTO ruling in its favor. 
- GBP/USD has been losing its initial gains that followed the UK Supreme Court's decision that parliament's prorogation was unlawful. The political blow still leaves significant uncertainty as the House of Commons reconvenes today and has yet to plot the next moves. Prime minister Boris Johnson returns to London and has defied calls to step down.
- EUR/USD has recovered and is back to 1.10 after Germany's IFO Business Climate met low expectations, one day after Markit's Purchasing Managers' Indexes (PMIs) reflected growing chances of a recession. Incoming European Central Bank President Cristine Lagarde has expressed optimism about averting a global recession.
- The Reserve Bank of New Zealand left its interest rate unchanged at 1% as expected – but kept the door open to further easing. NZD/USD remains stable above 0.63.
- US New Home Sales and speeches from several Federal Reserve officials are on the agenda today after the Conference Board's Consumer Confidence measure disappointed on Tuesday. 
- Cryptocurrencies tumbled down with Bitcoin falling to around $8,500 – dragging other coins with it.
 

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