In addition to the importance of the presidency, the election will also determine the makeup of the Senate, as it will likely impact key policy decisions including tax decisions and stimulus that can impact not just the US economy, but the global economy.
October saw the worse month since March for US stock indexes, which were pushed down by failing stimulus negotiations, weak earnings reports and a global surge in COVID-19 cases. Futures for the Dow Jones Industrial Average were up 40 points in premarket trading, while futures for the Nasdaq and S&P 500 were just marginally higher.
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[CAD:EN – 2 – Dollar Heavy swings – Trade Now CTA]
On the currency markets, the US dollar index edged up 0.18 percent as of 8:22a.m. GMT, to 94.30. The dollar was higher against both the pound and the euro as the EU and UK struggled to contain the second wave of the coronavirus. UK Prime Minister Boris Johnson announced a new nationwide month-long lockdown over the weekend which will attempt to control the spread but will reverse economic gains made as the country reopened following the first wave. The pound was down 0.533 percent against the greenback to $1.287 while the euro eased 0.12 percent to trade at $1.163.
The Australian dollar was also lower against the US dollar despite positive news about the country’s containment efforts. The loonie shed 0.342 percent to trade at $0.7. The dollar also gained against the yen, surging 0.26 percent to 104.91.