US ELECTION: markets before the election day 2

US ELECTION: markets before the election day 2

The scores

As of 14:00 UTC this Wednesday, November 4, Joe Biden is slightly ahead of Donald Trump in the overall view. A lot of states still have to finish the counting and officials comment that it may not be earlier than Thursday or even Friday when we have data accurate and complete enough to have the winner. Waiting it is then.


Source: Bloomberg

The market

In the meantime, the USD is going through major turbulence. After a heavy gain it made against the EUR with EUR/USD dropping from 1.1770 to 1.1610, it gave in to weakness again. Currently, EUR/USD is following an upwards trajectory of similar velocity to the one it had yesterday on the way to 1.1700. Watch this level now - it will be key to detemine whether bulls will keep pushing or not.

USD/JPY shows the picture of a similarly heavy plunge of the USD: the pair left the areas below 105.00 and went down to 104.50. Very likely, it will be aiming at the range of 104.35-104.45: crossing the 200-MA will confirm that. 

Gold keeps losing value. Currently, it trades right below $1 890. This is zone is the area of local lows so don't be surprised if the price bounces upwards - just out of sheer volatility and nervousness of the election.


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