There is a new scandal breaking with regard to the firing of FBI Director James Comey. Unfortunately, this is sending the FTSE 100 into the red, causing the end of a record-breaking streak in the stock market index. Today, we will talk about what’s going on with the scandal, why this is leading to declines in the FTSE 100, and what binary options traders should be watching for ahead.
A New Donald Trump Scandal Hits the Limelight
President Donald Trump is a President that loves the limelight. In fact, he has even been the host of his own television show in the past. However, the coverage he is getting today is not the type of coverage he enjoys. In fact, it’s the type of coverage that would be harmful to any United States President. That’s because many are calling for the impeachment of President Donald Trump.
It all started with the firing of FBI Director James Comey. At the end of the day, Comey was fired for his handling of emails. However, reports are breaking that it went far further than that. In fact, many are suggesting that Director Comey’s firing had nothing to do with emails. Instead, many are alleging that President Donald Trump ordered the firing of the director in an attempt to stop an investigation into national security adviser, Michael Flynn.
This story came up as Comey’s colleagues took over his notes. In secret notes, Comey had been tracking certain statements made to him by President Donald Trump because he was concerned that Trump was pushing the limits of presidency. In Comey’s notes, members of the FBI found that President Donald Trump seemed to be working to stop the investigation of Mr. Flynn, who ultimately resigned upon Trump’s request surrounding his conversations with Russia. In the notes, Comey wrote that President Trump asked Comey to let the investigation into Flynn go. In fact, the exact words he said were “I hope you can let this go”.
While that may not seem like a major statement, it is when it comes from the President of the United States with regard to an FBI investigation. After all, the President may have quite a bit of power, but he does not have the power to come between the FBI and justice. As a result, many are arguing President Trump crossed key boundaries and should be impeached.
Why This Is Bad News for the FTSE 100
At first glance, news surrounding the United States President may not seem to be something that would affect the stock market in the UK. However, that notion could not be further from the truth. The reality is that this news is affecting the US market, and the US and UK are trading partners, so there is going to be some movement as a result.
However, it goes a bit deeper than that. President Donald Trump has clear and positive views toward the UK, and in particular, the Brexit decision. With his Presidency under threat, there are concerns that this may go too far, leading to a new president that may not be as friendly to the UK’s planned economic changes. As a result, uncertainty is striking, causing declines in the index.
What Binary Options Traders Should Be Watching For Ahead
Moving forward, there is no doubt in my mind that the FTSE 100 will present several opportunities for binary options traders. Taking advantage of these opportunities may be as simple as watching the news. First, keep a close eye on the Trump scandal. After all, the scandal is pushing the FTSE 100 into the red today, and further news surrounding the story could lead to further movement in the market. Also, continue to watch the Brexit, commodity prices, and UK economic data. Any updates in any of these stories could lead to movement for the FTSE 100.
What Do You Think?
Where do you think the FTSE 100 is headed moving forward? Join the discussion in the comments below!