Trump Sentencing and Hunter Biden Trial
05 June 2024
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Key Points:
- Trump Sentencing: Donald Trump faces sentencing on July 11 for falsifying business records, with each of the 34 charges carrying up to four years in prison.
- Hunter Biden Trial: Hunter Biden’s trial on gun charges has begun with jury selection.
- Mexican Peso Decline: The Mexican peso nears 18.0 per USD following a supermajority victory for the Morena party, sparking concerns over market policies.
- Indian Rupee Fall: The Indian rupee drops past 83.5 per USD amid election uncertainty and a narrow victory for PM Modi’s party, with the RBI’s policy decision expected this week.
Former U.S. President Donald Trump is scheduled for sentencing on July 11 after being convicted on all counts of falsifying business records. Each of the 34 felony charges could carry a prison term of up to four years, although it is rare for first-time offenders or ex-presidents like Trump to be incarcerated.
In a separate legal development, Hunter Biden, the son of President Joe Biden, began his trial on gun charges with jury selection on Monday.
Mexican Peso Plummets Post-Election
The Mexican peso has sharply declined, nearing 18.0 per USD, its lowest point since October 2023, following a supermajority victory for the Morena party and its allies in Congress. Claudia Sheinbaum, the Morena party candidate, won the presidential election by a substantial margin. Concerns are mounting that the governing coalition’s dominance might lead to non-market-friendly policies, as highlighted by Reuters.
Indian Rupee Tumbles Amid Election Uncertainty
The Indian rupee fell past 83.5 per USD, approaching its record-low of 83.7 from April. This drop reversed the gains from early vote tallies, as updated counts suggested a narrower victory for incumbent PM Narendra Modi’s Bharatiya Janata Party than initially expected. Amid the election upheaval, the Reserve Bank of India’s (RBI) monetary policy decision is anticipated this week, with the RBI having maintained its benchmark repo rate at 6.5% for the seventh consecutive meeting in April 2024.
