This is what you need to know to trade today Friday 30th of October:
Markets are on the defensive again on Friday after recovering on Thursday. The ECB said it would act in December amid the virus resurgence, while cases in the United States hit a new record. GDP releases in the Eurozone and Canada, as well as speculation about the US elections, will dominate trade.
The EUR / USD remains under pressure below 1.17 after the European Central Bank raised concerns about the impact of the virus on the economy, including a possible double dip recession. President Christine Lagarde laid the groundwork for expanding the bond purchase scheme in December.
The German and French confinements They will take effect on Friday, and other European countries are imposing restrictions. Gross Domestic Product figures for the third quarter are expected to show a rebound after the bloc’s economy fell 9.7% in the second quarter. Preliminary inflation figures for October are expected to remain pessimistic at around 0%.
Coronavirus de EE.UU.: The United States reached a new daily high of cases above 83,000, which also brought the weekly average to a new peak. The disease is most prevalent in the Upper Midwest, where several states are highly controversial in elections.
Four days until Election Day, and more than 82 million, or nearly 60% of the 2016 vote count, have already cast their votes, especially in southern states. FiveThirtyEight’s model points to an 89% chance that Democrat Joe Biden will win against President Donald Trump, but investors remain skeptical of the polls.
The battle for the Senate, critical to fiscal stimulus, is significantly closer. The uncertainty weighs on the feeling.
The US GDP beat estimates with a jump of 33.1% annualized in the three months that ended in September, highlighting personal consumption. Personal income and expense statistics for October are expected on Friday.
The gold he’s been on the defensive as part of the risk-averse mood.
See Gold has three paths in response to the 2020 presidential elections
Canada publishes GDP figures for August, which should show moderation in the recovery. The loonie has been on the defensive amid pessimistic mood and falling gasoline prices. Crude oil WTI fell below $ 36.
Apple’s disappointing earnings report has also clouded mood. The iPhone maker sold fewer phones than expected in Asia, where the economy is recovering.
United Kingdom: Other British regions are subject to the strictest limitations amid another record in covid cases. Prime Minister Boris Johnson remains under immense pressure to announce a national lockdown. GBP / USD is struggling against the 1.29 level, supported by optimism about the Brexit negotiations.
Cryptocurrencies: Bitcoin has stabilized around $ 13,200 after several turbulent days.
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Credits: Forex Street
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