Major indices close near the high of the day as US voter go to the pollsCrude oil futures settle at $71.99BOC Meeting minutes: BOC felt upside pressure on inflation will continue to declineThe Atlanta Fed GDPNow growth estimate 2.4% vs 2.3% lastUS sells 10-year notes at 4.347% vs 4.350% WIVideo: Canadian dollar higher into the US election but structural concerns won’t go awayWhat key levels are in play for the EURUSD, USDJPY and GBPUSD through the US electionsDoes the stock market know something we don’t?European equity close: German stocks lead ahead of the US electionTrump campaign had discussions about declaring premature victory – reportUS October ISM services PMI 56.0 vs 53.8 expectedWhen Do US Elections Polls Close?US S&P Global October final services PMI 55.0 vs 55.3 prelim2020 recap: A reminder of the exact times that races were called and betting odds shiftedUS September trade balance -84.4 billion vs -84.1 billionCanada September trade balance -1.26 billion vs -0.80 billionForexlive European FX news wrap: The markets await the US Election result
The USD moved lower vs the major currencies as the US voters went to the polls to elect the new President as well as determine the balance of power on Capitol Hill. A look at the major currencies vs the USD:
EUR -0.45%JPY -0.35%GBP -0.58%CHF -0.10%CAD -0.53%AUD -0.77%NZD -0.44%
The USD index fell -0.41% on the day.
Looking at the US debt market:
2 year yield 4.191%, +1.5 bps5 year 4.159%, -0.7 bps10 year 4.280%, -2.8 bps30 year 4.441%, -5.3 bps
The US stocks moved sharply higher ahead of the election results:
Dow +1.02%S&P +1.23%Nasdaq +1.43%
Today, the US trade balance came in near expectations at -$84.4B, but the ISM services PMI came in higher at 56.0 vs 53.8 expectations with the employment moveing higher but prices paid and new order sales lower.
Needless to say, the election results will be combed over for clues to the bias, but realistically (or there is a probablity) it may be a number of days before a true Presidential winner can be determined (it took until Saturday of around noon in 2020), and the balance of power can be determined in the US Senate and the House of Representatives. This year, they do expect the states will be able to count faster, remembering we were in a pandemic in 2020.
This article was written by Greg Michalowski at www.forexlive.com.
