Forexlive European FX news wrap: The markets await the US Election result

• UK October final services PMI 52.0 vs 51.8 prelim
• Japan’s largest industrial union to target a standard 6% increase in total wages – report
• AUD/USD holds higher in post-RBA trading
• European equities lightly changed to kick start the day
• What are the main events for today?
• What are the key times to watch for the US election results?
• Eurostoxx futures flat in early European trading
• Switzerland October seasonally adjusted unemployment rate 2.6% vs 2.6% expected
• We’re in the calm before the storm now
• RBA governor Bullock: Current market pricing on cash rate is as good as any
• FX option expiries for 5 November 10am New York cut
• RBA governor Bullock: Rates need to stay restrictive for the time being
• Aussie not finding much in it as the RBA stays on hold

Markets:

• AUD leads, USD lags on the day
• European equities higher;
  S&P 500 futures up 0.20%
• US 10-year yields up 2 bps to 4.309%
• Gold
  up 0.23% to $2,742
• WTI
  crude up 0.35% to $71.75
• Bitcoin
  up 1.52% to $68,840

It’s been
a slow session amid the lack of key economic releases and the wait for the US Election result. We are now in the final stretch and the best strategy is to just sit tight and wait.

In the markets there’s lots of noise, so I wouldn’t read too much into the price action although we’ve seen from yesterday’s reaction that a Harris win would be bearish for the US Dollar.

In the American session, we get the US ISM Services PMI but the market will likely ignore the report as the focus remains on the election.

This article was written by Giuseppe Dellamotta at www.forexlive.com.