Frank Walbaum
FX Strategies.Asia
Important news for the day
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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
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Equities correcting, USD stronger, cryptos positive, oil weak, metals positive, JPY weaker.
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Editors’ Picks
EUR/USD stays pressured below 1.0900 amid risk aversion
EUR/USD remains under pressure below 1.0900 in the European session on Wednesday. The pair faces downward pressure due to a renewed US Dollar upswing, as risk sentiment falters on China concerns. Dovish ECB expectations also undermine the pair.
GBP/USD remains heavy near 1.3000 after soft UK inflation data
GBP/USD stays under bearish pressure near 1.3000 in the European session. The data from the UK showed that the annual CPI inflation declined to 1.7% in September from 2.2% in August, weighing heavily on the Pound Sterling.
Gold price advances to three-week top amid risk-off mood, bullish USD might cap gains
Gold price scales higher for the second straight day on Wednesday – also marking the fourth day of a positive move in the previous five – and climbs a three-week high, around the $2,677-$2,678 region heading into the European session.
Bitcoin holds onto recent gains, with $70,000 in sight
Bitcoin’s price stabilizes around $67,000 on Wednesday after rallying and breaking above a key resistance barrier on Tuesday. The rise in BTC comes after US Spot ETFs recorded a second straight day of inflows of over $373 million on Tuesday.
British inflation dips to 1.7% in September
And speaking of inflation and Europe, inflation in Britain not only fell below 2% in September but came in significantly lower than expected (1.7%y-o-y vs 1.9% expected).
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