Surging coronavirus cases and a stalemate in Washington over the next fiscal aid bill darkened the economic outlook in the run up to Nov. 3 presidential elections.
British Pound a Little Higher on the Day
2020-09-24 • Updated
Midday Market View
U.S. stocks are set for a very modest bounce at opening after sliding again on Wednesday in response to repeatedly gloomy comments about the economy from Federal Reserve officials. Stocks are set to open in muted style, with no noticeable bounce. Jobless claims are expected to fall again slightly, and new home sales will once again give bulls something to chew on. French and German business confidence improves despite fresh restrictions in Paris. And Donald Trump refuses to commit to a peaceful transition of power in November.
Midday Key Point
- UK's Sunak says to hold press conference later in the day
- ECB to publish latest TLTRO-III allotment at 0930 GMT
Gold moves to the 23.6% retracement level. It seems that gold loses strength under the current risk-off mood.
GBP/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.
Gold is trading sideways around the $1 900 level, but Biden’s victory will drive it upwards.
U.S. stock markets are set to open with a modest bounce after their worst day in over a month on Monday.
Asian equity markets resumed the weak performance seen across global peers which culminated in Wall St’s worst day in over a month