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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
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.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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