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Forexlive Americas FX news wrap 5 Nov: Stocks rise, USD moves down. Mkts await election.

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 bps
  • 5 year 4.159%, -0.7 bps
  • 10 year 4.280%, -2.8 bps
  • 30 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.

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This article was written by Greg Michalowski at www.forexlive.com.

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