All Eyes Turn to the U.S. Presidential Election

The U.S. dollar settled below its lowest level in 12-week’s last Friday as traders fear a Trump victory. The U.S. dollar index fell as much as 25 pips and settled below 97.

The U.S. economy added 161K jobs in October, slightly less than expected. Despite such data, the greenback was mostly affected by the U.S. presidential election.

On Friday, Global equity markets slipped amid investors’ concerns about the outcome of the U.S. presidential election on 8th November.

Global stock markets also fell amid traders’ concerns about the outcome of the U.S. presidential election.

Euro pared all its losses and settled above $1.11 vs. USD, thanks to weak U.S. data. Technically, fiber is expected to trade in a limited range and touch the 200 day moving average of $1.1180, due to lack of the economic data and the U.S. election.

GBP jumped to $1.25 vs. USD after the high court ruled that the U.K. government needs parliamentary approval to trigger Britain’s exit from the EU. Cable was positively affected by such decision, as the EU parliament is likely to disrupt the separation procedures for a period of 10 years.

U.S. crude settled at $44 on Friday, the lowest levels in 5-week after U.S. crude oil inventories rose. Technically, oil prices could re-test $45 during the day.

The most important economic events:

  • EUR Euro-Zone Sentix Investor Confidence (NOV): (GMT 11:30) Medium – Forecast (N/A) – Previous (8.5).
  • USD Consumer Credit (SEP): (GMT 22:00) Medium – Forecast ($17.500b) – Previous ($25.873b).

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

CFDs and Spot FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Your profit and loss will vary according to the extent of the fluctuations in the price of the underlying markets on which the trade is based. Read More
Read More
Mail Call Chat