Ipek Ozkardeskaya
Swissquote Bank Ltd
We’re on the cusp of the US election results. They’re starting to trickle in, pointing toward a more favourable outcome for the Republicans and Donald Trump. As a result, the so-called ‘Trump trade’ is in full swing this morning.
The US yields are pushing higher, Bitcoin hits record, the US dollar is stronger against most currencies (even against gold and Swiss franc), and US equity futures advance while sentiment in Europe is mixed.
In earnings, Palantir hit record high on strong earnings and forecast on AI demand, semiconductors surfed on the news, while Saudi Aramco’s weak earnings get the OPEC-encouraged bulls to scratch their heads regarding Saudi’s future commitment to production cuts. That, along with Trump lead is weighing on oil prices this morning.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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Gold drops toward $2,700, US yields surge higher as Trump claims victory
Gold came under heavy bearish pressure and dropped toward $2,700 as markets reacted to Donald Trump's victory in the presidential election. Although XAU/USD managed to erase a portion of its losses, it remains deep in negative territory, pressured by a 4% increase in the 10-year US yield.
Bitcoin breaks all-time high of $73,777 as Trump takes the lead
Bitcoin breaks above its all-time high of $73,777 on Wednesday, buoyed by Donald Trump's poll lead. At the same time, Ethereum is nearing its key resistance level, with a strong close above it, potentially signaling upward momentum. Meanwhile, Ripple finds support around its daily level.
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