This is what you need to know to trade today Wednesday 4 November:
The American dollar it has strengthened on a tighter than expected and ongoing US election night. Moves remain choppy, especially around gold, while the S&P 500 looks positive.
President Donald Trump is beating the polls, poised to win Florida, North Carolina, and Georgia at the time of this writing. The battle is tighter than expected and focuses on races in the slow count Midwest: Michigan, Wisconsin and especially Pennsylvania. Candidate Joe Biden has surprised only in Arizona. There is even the theoretical possibility of a tie in the electoral college.
The EUR/USD it has fallen from over 1.1750 to around 1.16 before stabilizing. The GBP/USD it has dropped below 1.30 and continues to fight that level. The oro it lost the recently recovered $ 1,900 level and continues to move around that level. S&P 500 futures declined as Trump advanced, but then rebounded off the lead after Biden in Arizona.
In several counties and states, the recount is stopped overnight, further increasing the chances of a lengthy electoral process. Wisconsin can report results on Wednesday, Pennsylvania on Thursday and Michigan on Friday.
Republicans have a better chance of maintaining control of the Senate. It is reported that the House of Representatives will go to Democrats as expected.
See: Elections 2020: Trump’s gains in the south lengthen the night, markets shake
The markets focus on the elections, but there are other events underway.
The EU and the UK have agreed to extend the Brexit talks after reporting on progress. The UK House of Commons is set to pass a nationwide lockdown announced by Prime Minister Boris Johnson over the weekend.
The coronavirus cases They continue to rise in Europe, but no further lockdown announcements are expected, allowing the euro a breathing space.
US data: ADP’s private sector jobs report for October will show another large increase in employment. The ISM Services PMI Purchasing Managers Index is expected to remain above 57 points, reflecting strong growth. Both indicators serve as clues for Friday’s NFP nonfarm payroll report.
The Bitcoin it jumped above $ 14,000 early on election night, but subsequently fell back below that level.
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Credits: Forex Street
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