” You don’t need to be a rocket scientist. Investing/Trading is not a game where the person with the 160 IQ beats someone with a 100 IQ. Rationality is essential “
Concerns are that the absence of a clear winner could unwind turmoil in the U.S. Voting results in Swing states can be a game changer contest between President Donald Trump and Democratic rival Joe Biden in the U.S. Presidential election. Initially, U.S. Treasury yields and stocks spiked as markets expect not only a clear Biden victory but also policy that will entail more fiscal spending. But important to note polls and feeds from U.S. elections will keep traders on toes as volatility will take center stage and final results will take time from here. Positionally.
– Polls continue to indicate that Biden is ahead in U.S. Presidential race, though the race looks tight in some battleground states.
– Reports indicated that Brexit trade negotiations are still stuck when it comes to a level playing fill and fisheries, the two main issues that stalled progress months ago. However, progress was reported in other areas, including social security.
– Investors are still awaiting the outcome of Federal Reserve and Bank of England meetings this week, which are expected to at least give a nod to further stimulus.
– USDINR, 74.25 now acts as an support while 74.90/75.10 band important to watch.
– 1:00pm: Spanish, Italian, French, German and Eurozone Services PMI (EUR)
– 1:30 pm: Final Services PMI (EUR)
– 5:15 pm: ADP Non-Farm Employment Change (USD)
– 7:00pm: ISM Services PMI (USD)
– 7:30 pm: Crude Oil Inventories (USD)
– DXY: 94.11, Brent Oil: $40.67, Gold: $1896,10Y UST: 0.85%
*Technicals (Support and Resistance):
a. EUR/USD: 1.1580-1.1760
b. GBP/USD: 1.2850-1.3150
c. USD/JPY: 104.20-105.70