USD/PKR was edging down 0.06% to 154.420 in late Asian session on Thursday.
USD/PKR remained range bound below the 155 mark on Wednesday amid absence of relevant macroeconomic data, while markets were paying attention to developments surrounding the impeachment vote in the House of Representatives.
In Republicans’ view, a “yes” vote could result in some moderate House Democrats losing their seats in the 2020 congressional elections. Yet, several Democrats from districts that supported Donald Trump in 2016 have already expressed their intention to vote in favor of impeachment.
The abuse of power article was passed on a 230-197 vote, while the obstruction of Congress article was passed on a 229-198 vote.
With Trump now being the third US President to be impeached, his removal from office would require a two-thirds majority of voters in the 100-member Senate. This means at least 20 Republicans would need to join the vote against Trump, but none has expressed intention to do so yet.
Meanwhile, a report by the State Bank of Pakistan showed Pakistani workers abroad had remitted $1,819.66 million in November, or 9.05% less compared to October, but 9.35% more compared to November 2018. During the first five months of fiscal year 2020 (or July to November), the inflow of workers remittances amounted to $9,298.57 million compared to $9,281.94 million during the same period of fiscal year 2019.
The US Dollar Index was down 0.12% to 97.29 in late Asian trade on Thursday.
Today, at 13:30 GMT, the Federal Reserve Bank of Philadelphia will report on manufacturing activity in the area. The Philadelphia Fed Manufacturing Index probably decreased to 8.0 in December, according to market expectations, from a level of 10.4 in November. A reading above zero indicates improving business conditions. Yet, larger-than-expected slowdown would weigh on the USD.
Also at 13:30 GMT the US Labor Department will report on jobless claims. The number of people in the country, who filed for unemployment assistance for the first time during the business week ended December 13th, probably dropped to 224 000, according to expectations, from 252 000 in the preceding week. A sharper-than-expected decrease in claims would support USD, suggesting healthy labor market.
At 15:00 GMT the National Association of Realtors will report on US existing home sales. The respective index probably decreased 0.2% to a seasonally adjusted annual level of 5.45 million units in November compared to October, according to market consensus. In October, sales of previously owned houses were 1.9% higher from a month ago to reach 5.46 million. A sharper-than-expected drop would have a moderate bearish effect on USD.
