Packed week ahead as US election stand-off continues

November 16, 2020

Plenty of data is scheduled for publication this week as court cases surrounding the US election flow thick and fast.

The USD weakened on Friday, sending paired currencies higher. The EURUSD began Friday at $1.18028 and dipped to lows of $1.17984 early. It climbed off those lows, hitting a high of $1.18368 in the final hour of the week. That momentum has continued and the euro is now trading at $1.18398. The GBPUSD opened Friday at $1.31118 and slipped to a low of $1.31081 in the first hour of trade. It remained steady for a few hours before taking off mid-session, peaking at $1.32003 late. The pound continues to post gains and is now trading at $1.32137.

Indices bounced back to life on Friday, seemingly shaking off the political uncertainty in the US. The Dow opened the day at 29,127.43 and fell to lows of 28,940.39 early. Rebounding off those lows, it rallied to a high of 29,566.39 late in the day. The Dow has gone higher in Monday trading and is now sitting at 29,690.30. The Dax posted solid gains on Friday after beginning the day at 12,994.75. The German index edged down to lows of 12,928.40 early before rebounding and rallying to a high of 13,142.76 heading into late trading. The Dax has opened the week higher and is now trading at 13,187.60.

The week ahead sees focus remain on the US election as Donald Trump’s legal team launches further legal action in several states. The ongoing political tussle means that data is likely to take a back seat once again.

Data published today and the most significant this week includes:

Today – China Retail Sales, Fixed Asset Investment, Industrial Production and Unemployment Rate, Japanese Revised Industrial Production, ECB Financial Stability Review, RBA Governor Philip Lowe speaks

Tuesday – OPEC_JMMC Meetings, RBA Monetary Policy Meeting Minutes

Wednesday – US Retail & Core Retail Sales, RBA Governor Philip Lowe speaks

Thursday – Australian Employment Change and Unemployment Rate, Canadian CPI

Friday – US Unemployment Claims, CB Leading Index and Philly Fed Manufacturing Index, UK Retail Sales, Canadian ADP Non-Farm Employment Change


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