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.
Sterling moves lower on political threats
2020-10-16 • Updated
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading in a bullish sentiment above the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bullish momentum.
XAG/USD: Silver struggles to move above the 50% level. The current risk-on mood helps silver to move higher.
US Market View
Wall Street futures jumped back into positive territory and European stocks accelerated gains when the U.S. pharmaceutical group said the regulatory filing for the vaccine could come as soon as safety data is available in the third week of November. In midday trading the pan-European STOXX 600 (STOXX) rose 0.8% after losing over 2% on Thursday as new social restrictions in Europe, including a curfew in major French cities and tighter restrictions in London, spooked investors.
As the global race to develop a coronavirus vaccine heats up, financial markets have been tracking every twist and turn, hoping a successful deployment would help sustain economic recovery.
US Key Point
- US September retail sales comes at +1.9% vs +0.8% than expected
- EU's von der Leyen supports that EU team will go to London next week to 'intensify' negotiations
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