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Reflation Trade Across Board, Democrats Take Senate; EU CPI

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Note  The table above is updated before publication with the latest consensus forecasts. However, the text charts are prepared ahead of time. Therefore there can be discrepancies between the forecasts given in the table above and in the text charts. 

Rates as of 0500 GMT

US politics

Theres so much I could say about the US politics overnight, but this is a foreign exchange comment, not a US political comment. So just one picture from inside the Capitol Building.

In the wake of this unprecedented event this coup attempt incited by the President  there is talk of removing him from office even though hell be out soon anyway. Axios reported that  confidants and Republican officials are considering drastic steps to stop Trump. These measures include censure, impeachment or invoking the 25th Amendment, which enables the Cabinet to declare a president unable to discharge the powers and duties of his office and replace him with the Vice President. Several business groups publicly called for this. TV journalist Margaret Brennan reported that Trump Cabinet secretaries are discussing invoking the 25th Amendment. Nothing formal yet presented to VP Pence. Im talking about actual members of the Cabinet, she said. 

Censure would clearly have no effect. Impeachment would take too long. The 25th Amendment though could be invoked quickly. Although these people are longtime Trump loyalists, it is possible that this insurrection was just a bridge too far even for them. The…

Democrat Victory has Potential to Precipitate Dollar Decline

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