What will happen? FOMC press conference is among the primary methods the Fed uses to communicate with investors regarding monetary policy…
US Dollar Strengthens
2020-10-26 • Updated
Ichimoku Kinko Hyo
NZD/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.
XAG/USD: Silver moves below the 23.6% retracement level. It seems that silver minimized earlier losses and is ready to move higher.
US Market View
Wall Street was set to start the week on a dour note on Monday as 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.
New infections touched record levels in the United States recently, with El Paso in Texas asking citizens to stay at home for the next two weeks. In Europe, Italy and Spain imposed new restrictions.
US House Speaker Nancy Pelosi on Sunday said the Trump administration was reviewing the latest proposal for COVID-19 relief over the weekend and that she expected a response on Monday. Meanwhile, more than 59.1 million Americans have already voted in person or by mail as President Donald Trump and Democratic challenger Joe Biden enter their final full week of campaigning.
US Key Point
- Chicago Fed national activity index comes at +0.27 vs +0.60 than expected
- The GBP is the strongest and the CAD is the weakest
- US stocks open the week with very moderate declines
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Investors in popular FAANG stocks have enjoyed a great run over the last year as a combination of super-low interest rates from the Federal Reserve and high growth from the individual tech companies has made an easy bull case…