Lockdown Fears and Election Uncertainty Control Markets, Bitcoin at 33-Month Highs

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This is what you need to know to trade today Wednesday, October 28:

The market mood remains subdued as Germany, France, and possibly the UK are considering further restrictions due to rising coronavirus cases. Tension mounts ahead of the US election and its implications for the stimulus. The Bank of Canada is poised to leave rates unchanged, and Bitcoin is drawing attention by hitting the highest level since January 2018.

The cases, deaths and hospitalizations of COVID-19 are increasing in Europe. French President Emmanuel Macron will address the nation later in the day and a strict one-month lockdown is seen after a nightly curfew failed to halt the disease. German Chancellor Angela Merkel is also considering tougher restrictions. EUR / USD fell below 1.18 late on Tuesday.

United Kingdom: The Telegraph reports that experts are pressuring Prime Minister Boris Johnson to announce another lockdown, but there are disagreements within the cabinet. The Brexit talks are at “a very difficult point”, according to the President of the EU Council, Charles Michel. GBP / USD has held above 1.30.

Elections in the United StatesPresident Donald Trump is still behind his rival Joe Biden, but the president seems to be gaining ground in the critical state of Florida. More than 70 million Americans, more than half of the total vote count for 2016, have already cast their votes. Markets want a clear outcome, preferably a “blue wave” that swiftly passes a multi-million dollar stimulus bill. Growing uncertainty and tensions are weighing on the markets.

The AUD/USD It has been creeping up after third quarter inflation figures marginally beat expectations. Melbourne is gradually coming out of its lockdown.

The Bank of Canada will leave its interest rate unchanged at 0.25% and will publish new projections in its quarterly Monetary Policy Report. Governor Tiff Macklem and his colleagues will likely address the impact of concerns about the virus on the economy.

See Bank of Canada Preview: Virus Concerns Will Overcome Recovery Optimism and Hit CAD

The Bitcoin it is trading near $ 14,000, the highest level since January 2018. The leading cryptocurrency has been on an upward trajectory for several months. Ethereum is lagging behind.

The oil prices they are on the downside, with WTI changing hands below $ 38.



Credits: Forex Street


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