Germany’s daily new coronavirus infections hit a record high on Thursday. The number of confirmed coronavirus cases increased by 21,506 bringing the total case tally to over 597K. Cases have surged over the past couple of weeks, forcing the government to reimpose a month-long lockdown. The US, too, reached a new record high of 121,054 daily new coronavirus cases,
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Former Vice President Joe Biden’s campaign manager said on Thursday they are nearing parity with US President Donald Trump in Pennsylvania and expect remaining ballots to tilt the odds in their favour, as reported by Reuters. Additional takeaways “Victory is imminent.” “Trump’s response to election result is desperate.” “Rural, in-person votes might be next to
Analysts at Nomura believe that the Bank of England (BOE) is unlikely to adopt negative interest rates at its policy meeting this Thursday. Although the bank may expand its QE programme by £100bn. Key quotes “An extension of the Bank of England’s QE programme by £100bn. We see such an expansion as representing a good
The EUR/USD pair is at the upper half of its daily range, trading around 1.1710, as the US dollar has given up early gains since the presidential race shows tight results. Euro/dollar needs to overcome the daily high at 1.1770 to recover bullish potential, FXStreet’s Chief Analyst Valeria Bednarik briefs. Key quotes “The greenback is
Florida is a do-or-die state for Trump this year, as it was in 2016 and the volatility of the results will be a driver for markets. 76% of the vote is now in for Florida with the votes counted very quickly. For now, it is seen as 50.4% for Trump and Biden at 48.7%. The NY
Ho Woei Chen, CFA, Economist at UOB Group, reviewed the recent PMI figures and recovery prospects in the Chinese economy. Key Quotes “The Markit/Caixin China manufacturing PMI rose 0.6 points to 53.6 in October from 53.0 in September, recording its 6 th consecutive month of expansion (above-50 reading). This is also the highest reading since
The black gold rallies back as investors bank on OPEC delaying the taper. COVID-19 and the US elections remain the key drivers. The price of WTI is bid despite the demand side risk of yet another lockdown in Europe as prospects of OPEC kick in. At the time of writing, WTI is trading at $36.91 and has
USD/JPY risks a move below the 104.00 level as long as it does not break above 105.00 in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “USD closed little changed at 104.64 (+0.03%) last Friday. While the underlying tone has firmed somewhat, any advance from here is viewed as part
Here is what you need to know on Monday, November 2: The greenback finished October with gains against most major rivals, backed by a sour market’s sentiment. Concerns related to the number of new coronavirus cases in Europe and the US, alongside uncertainty about the US presidential election, were behind the dismal mood. The EUR/USD
XAU/USD lost more than 1% last week and closed near $1,880. Bearish pressure could gather strength is gold drops below $1,860. 100-day SMA at $1,890 aligns as first resistance. The XAU/USD pair suffered heavy losses on Wednesday and Thursday but staged a rebound on Friday. Despite the fact that the pair gained 0.6% on the
UK Prime Minister Boris Johnson has announced a second broad lockdown from Thursday, November 5, and until December 2. The PM has said, “The virus is doubling faster, that we can conceivably add capacity.” Leaving home is restricted to limited, essential activities. Johnson has also announced that the furlough scheme will extend for another month.
The euro finds support at 1.1640 after a five-fay sell-off. COVID-19 lockdowns and the ECB have sent the euro tumbling. The US elections will be a key EUR/USD driver next week. The euro extended its downtrend for the fifth consecutive day and is on track for a 1.75% weekly decline to close the week near 1.1640
EUR/GBP dives to eight-week lows below 0.9000. A dovish ECB and COVID-19 have sent the euro 0.8% lower this week. The pair is testing an important support level at 0.9000. The euro has extended its decline from week-highs near 0.9100, reaching levels sub-0.9000 for the first time in almost two months. The increase of COVID-19 cases in
AUD/USD met with some fresh supply and has now turned lower for the third straight day. A steep decline in the US equity futures drove flows away from the perceived riskier aussie. A subdued USD price action warrants some caution before placing aggressive bearish bets. The AUD/USD pair quickly retreated around 35-40 pips from the
EUR/USD extends the downside to the vicinity of 1.1700. Bets for a deeper retracement below 1.17 keep rising. EUR/USD navigates the area of fresh multi-day lows in the 1.1700 neighbourhood on the back of the prevailing risk aversion atmosphere. The continuation of the downtrend seems likely in the very near-term. A breach of the key
Gold bears take control and break into fresh bearish territory. Further downside on the cards, but market volatility is here to stay. From an ongoing analysis, the bears have finally managed to catch the break that they were looking for and the prior analysis had forecasted originally, here: and again, here: Original forecast End result
On Wednesday, October 28 the Bank of Canada (BoC) is set to leave its interest rate unchanged at 0.25% and publish new forecasts in its quarterly Monetary Policy Report at 14:00 GMT. Governor Tiff Macklem and his colleagues will likely address the impact of coronavirus concerns on the economy. As we get closer to the
Unofficially, the Dow Jones Industrial Average lost 221.37 points or 0.8%. The S&P 500 SPX lost 10.23 points, or 0.30%. The Nasdaq put on 72.41 points, or 0.64%. Wall Street was less eventful on Tuesday but managed to see stocks looking healthier, albeit little changed. On Monday, all the three major stock indexes chalked up their