- The betting markets now have Trump as the favorite to win.
- The dollar shoots up in the market, Wall Street falls.
- EUR / USD is 150 pisp below its highs from hours ago.
The EUR / USD accelerated the bearish run and fell to 1.1602, the lowest level since mid-July. It is trading at 1.1630, with a significant bearish tone as the dollar rally across the market. In the final minutes, the chances of a Trump victory rose.
The euro tumbled against the dollar and also fell against the Swiss franc, in a move that reflects increased risk aversion in the markets. In fact, Wall Street futures fell in the last hour, although they are now far from the lows.
The Expectation of a Trump triumph has risen. The president is on his way to winning in Florida, paired in Texas where the majority of rural votes, favorable to the current president, remain to be counted, and in Michigan, a key state, Trump leads, although the vote count is below 20%.
The EUR / USD is trading at key support extending to 1.1600. A firm break below would enable lower. There is no other significant support until 1.1450, although intermediate support at 1.1500 would be expected. If it holds above 1.1600, the euro could avoid further deterioration, but it needs to recover 1.1660 to ease pressures, while just above 1.1750, where the 20-day moving average is, a persistent strength of the euro would be expected.
Credits: Forex Street
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