In today’s live trading session, we provided updates about the ongoing election and its effects on the Forex markets.
Even two days after election day, the United States has yet to crown a new president. As it stands right now, Joe Biden has 264 of the required 270 electoral votes to win. Trump is behind with 214, although, he has a lead in some key states. Biden is favored to win Nevada, and if he is successful, he will get the last 6 remaining votes. He currently stands as the favorite to win the 2020 election.
As we have discussed for the past few days, a Biden win will lead to a weaker US Dollar. This morning, the US Dollar Index (DXY) has continued its selloff to 92.70. Majors such as EURUSD and AUDUSD have cleared highs made this week and are on their way to creating a new uptrend. Gold has thrived due to the likely Biden victory as well as the ongoing uncertainty. We expect Gold to achieve 1970 by the end of the week.
As the US Election continues to move on, we cannot forget about the Non-Farm Payroll release tomorrow morning. Ideally, we would like the election to be done today so that we can go into next week with more clarity. As always, be safe and trade responsibly!