US election continues to capture attention

November 23, 2020

A stack of data is scheduled for publication this week, while focus remains on the US election.

The EURUSD was reasonably steady on Friday after beginning the day at $1.18721. The pair crept up to a high of $1.18902 mid-session before falling away over the back half of the day, hitting a low of $1.18490 late. It has come off those lows and is now trading at $1.18685. The GBPUSD made some modest gains on Friday when it began the day at $1.32599. It slipped to a low of $1.32394 in the opening hour before climbing to a late high of $1.32965. That momentum has continued and the pound is now trading at $1.33068.

The Dow went on a roller coaster ride on Friday after opening at 29,319.60. It dropped to near-lows of 29,206.27 before rebounding and rallying to a high of 29,500.80 mid-session. Things went south as the Dow fell to a closing-hour low of 29,185.24. It has bounced off those lows and is now trading at 29,334.30. The Dax made solid gains on Friday when it opened at 13,087.66. An early dip saw the German index hit lows of 13,039.63 before rebounding and surging to a high of 13,169.76 mid-session. It came away from those highs late in the day but an early rally in Monday trading has the Dax back up at those levels once again.

There is plenty of data scheduled for publication this week but that looks like taking a back seat again to political uncertainty in the US. With Donald Trump’s legal team still exploring legal options, the US election seems to be what most people are talking about. This uncertainty has left many traders on the sideline as they wait for an outcome, one way or the other.

Data released today and the most important this week includes:

Today – US, UK, European, German and French Flash Manufacturing & Services PMIs, BoE Monetary Policy Report Hearings, China CB Leading Index, MPC Member Andy Haldane speaks

Tuesday – German Final GDP

Wednesday – US CB Consumer Confidence, ECB Financial Stability Review, UK Autumn Forecast Statement, RBNZ Governor Adrian Orr speaks

Thursday – US Prelim GDP, Unemployment Claims, Revised UoM Consumer Sentiment and FOMC Meeting Minutes

Friday – French Prelim GDP & CPI, Consumer Spending


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