PERU: Vote To Impeach President Castillo Underway
Peru's Congress has begun voting to impeach President Pedro Castillo in a vote brought forward after Castillo moved to dissolve Congress earlier today.
- Voting suggesting that impeachment is the most likely outcome with Hamlet Echevarría of Perú Democrático, is the only lawmaker so far to openly vote with Castillo.
- Analysts doubt that Castillo has the popular support, judicial support, or military support to strip Congress of it's power.
- America's Quarterly: "What it all comes down to now is whether Peru’s armed forces choose to support the president. That also looks unlikely to happen. The commander general of the armed forces resigned about an hour before Castillo’s address, in what is now a clear sign of disapproval."
- Peru's Vice President Dina Boluarte earlier stated that she rejects Castillo’s decision to "perpetrate the breakdown of the constitutional order with the closure of congress."
- Boluarte is positioned to take over as president if Castillo is ousted in a vote but her close ties to the government means power will likely to fall to the opposition-controlled Congress.
- The US ambassador to Peru said in a statement: "The United State categorically rejects extraconstitutional act by Peru’s President Castillo to prevent Congress from fulfilling its mandate."
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
GBPUSD TECHS: Watching Support
- RES 4: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
- RES 3: 1.1738/87 High Sep 13 / 3.0% 10-dma envelope
- RES 2: 1.1566/1645 High Oct 27 / High Nov 1
- RES 1: 1.1485 High Nov 07
- PRICE: 1.1462 @ 16:16 GMT Nov 7
- SUP 1: 1.1150 Low Nov 04
- SUP 2: 1.1061 Low Oct 21
- SUP 3: 1.0924 Low Oct 12 and a key short-term support
- SUP 4: 1.0763 Low Sep 29
GBPUSD found support Friday. Last week’s extension lower resulted in a break of the 20- and 50-day EMAs. This undermines a recent bullish theme and exposes 1.1061, the Oct 21 low. The next key support lies at 1.0924, the Oct 12 low, where a break would strengthen a developing bearish threat. For bulls, a stronger reversal higher and a break of 1.1645, Oct 27 high, is required to reinstate the recent bull cycle.
US: MIDTERMS: GOP Extends Lead On Generic Ballot On Eve Of Midterms
With less 24 hours until Election Day, the GOP holds their widest lead on the generic congressional ballot since mid-July.
- The generic ballot is considered one of the most valuable polling metrics to consider during midterm cycles but the certain quirks of Congressional mapping and the imperfect matching between generic ballot and the popular vote means that the metric tends to underrepresent Republicans.
- Nate Silver at FiveThirtyEight explains when the seemingly tight generic ballot doesn't adequately explain the Republican advantage.
- Silver: "Democrats would have to beat our forecast of the national environment by 3 or perhaps 3.5 percentage points to be favored to win the House. That’s hardly impossible — we’re talking about a normal-sized polling error — but it’s a little tougher than our generic ballot average implies."
EURUSD TECHS: Holding On To Friday’s Gains
- RES 4: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
- RES 3: 1.0198 High Sep 12 and a key resistance
- RES 2: 1.0094 High Oct 27 and a bull trigger
- RES 1: 1.0007 High Nov 7
- PRICE: 0.9990 @ 16:11 GMT Nov 07
- SUP 1: 0.9868/9730 20-day EMA / Low Nov 3
- SUP 2: 0.9705 Low Oct 21
- SUP 3: 0.9633 Low Oct 13 and a key support
- SUP 4: 0.9536 Low Sep 28 and the bear trigger
EURUSD rebounded Friday and is holding on to its most recent gains. The pair has, for now at least, defined support at 0.9730, Thursday’s low. Initial firm resistance is seen at 0.9976, the Nov 3 high where a break would ease the recent bearish threat and signal scope for an extension higher towards key resistance at 1.0094, the Oct 27 high. On the downside, a reversal lower and a move through 0.9730 would be seen as a bearish development.
