Equities are correcting amid Dollar strength, and precious metals could offer clues as to why
|Important news for the day
-
Wed, 16th, 08:00 CET UK Consumer price index.
US Elections
In several states, early voting is underway, with Georgia seeing record-breaking participation—about double compared to 2020. In total over five million people have already voted, either by mail or in person at polling locations. The race is currently too close to call between the main candidates, making the outcome uncertain. After a previous court ruling, Trump successfully pushed for hand counting of votes. However, this decision was overturned just before voting began, meaning the votes will now be counted using traditional methods instead of by hand.
Market talk
The initial positive risk sentiment for the stock market had faded yesterday. Previously positive prices had been mostly eliminated and markets like the Dow Jones and Nasdaq index printed a bearish turnaround pattern. The S&P 500 ended in slightly better shape. The Chinese market also turned lower with potential higher volatility ahead. The Dollar on the other hand might continue to rise slightly but is nearing the 50- moving average on the weekly chart, which could act as resistance zone. Metals continue to push higher and Gold is trading close to the major breakout zone
Tendencies in the markets
-
Equities correcting, USD stronger, cryptos positive, oil weak, metals positive, JPY weaker.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.