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This surge in political uncertainty comes just a month before the November 3rd Presidential Elections, adding to the plethora of concerns that investors are already contending with. This could potentially weigh on the political will to reach an agreement over the next round of US fiscal stimulus, while pushing the Trump administration’s handling of the pandemic front and centre on the election campaign. Cable is just about bouncing off the crossing of the 100- and 200-day Moving Averages at 1.2703 and 1.2722 respectively. Prices need to get back above the mid-September lows around 1.2762 to have a chance of building any bullish momentum. Allowing for the current pause in recent selling, indicators looks quite bearish with 1.2650 opening up, if the Moving Averages prove to be feeble in their support. The pound is the top performing major currency today, as it makes back some of the 4.5% drop it has suffered since the start of September.

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Consumer spending remains a bright spot having increased 0.5% in October, but given the 0.7% decline in personal income, there is a high chance that these numbers soften in the final two months of the year. The EURUSD is trading marginally below the 1.1900 resistance level. A solid breakout above this point may spark a move towards the 1.2000 support level. Now that Gold bears have awoken from hibernation and broken below the $1850 support level, the path of least resistance for the precious metal points south. Given how the MACD trades to the downside and the death cross technical formation – (where the 50-day simple moving average crosses below the 100-day simple moving average) is in play, bears are currently in the driving seat.

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Such may weaken the Dollar – essentially providing support to Gold. You will receive a message to enter a code in order to proceed with opening a Seller account. In order to activate your MQL5 account, you need to verify your email. You will receive an email confirmation with your account credentials. Due to a migration of services, access to your personal client area is temporarily disabled.

Such gains would only hold up if OPEC+ can overcome their differences and deliver the outcome that markets are expecting. The uncertainty isn’t just seizing up benchmark Oil prices, but also keeping the stocks of Oil companies in limbo. Consider BP’s stunning 26.36 percent gain in November, as the company’s stock rose in tandem with the 24.69 percent climb in Brent futures last month. The solid breakout and daily close above this key resistance are likely to signal a move towards levels not seen since April 2018 above 1.2150. Should Dollar weakness remain a key theme in December, this may inject Euro bulls with enough inspiration to challenge prices beyond 1.2150.

In the week before the June quadruple witching day, the S&P 500 tumbled by as much as 7.7 percent and the VIX breached above the 40 mark. Since the June 19th quadruple witching event, the VIX then moderated through end-August, even flirting with its long-term average of 20, while the S&P 500 added another 12 percent through the end of August. For example, you see a good price and decide to sell or buy, but fxtm welcome bonus the server of the broker is so slow that when your order is executed, the price has changed and you lose a chance to make profit, or worse, lose your money. Learn how to trade with more confidence by participating in the “The Ultimate Trading Formula Strategy” webinar. You have heard of trend following, contra-trend following and trendless trading but what is trend?

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However, markets remain skeptical whether these talks will open the doors to more stimulus, since investors were already left empty handed before the presidential election. Nevertheless, the idea of the United States unleashing further stimulus in 2021 to support the economy has dragged the Dollar Index to levels not seen since late April 2018. However, this fight for the Supreme Court vacancy could dominate the political agenda in the lead up to the elections, perhaps at the expense of the next round of fiscal stimulus. This might deflate some of the optimism that’s still baked into US equities about more incoming financial support for the world’s largest economy to boost the performance of stock markets. Instead, it adds another major element of uncertainty over the next 44 days. The concerns over the delayed US fiscal stimulus are also set to colour the jobless claim data due out later Thursday, with both initial claims as well as continuing claims expected to show slight declines.

Should 0.7340 prove to be unreliable support, the AUDUSD may decline back towards 0.7250. In our FX Week Ahead report on Monday, we discussed the possibility of the EURUSD breaking above the 1.2000 psychological resistance level. The Dollar descended deeper into the abyss on Tuesday evening as cautious optimism that the United States will revive stimulus talks fuelled risk appetite. News that the United Kingdom has approved Pfizer’s Covid-19 vaccine weakened the currency further. This emergency authorization marks a historic moment and clears the way for the deployment of a vaccine that is expected to play a critical role in halting the coronavirus outbreak. Given how the vaccine will be available in Britain from next week, this opens the way for mass immunisation and raises the prospects of the European Union and the United States making a similar move.

• The UK Chancellor unveiled support measures this afternoon for jobs and businesses, as the Government strives to ‘protect jobs though the winter’.
• The survey of 700 retailers in 10 major cities predicted that April’s annual retail sales growth would be 5.4 percent, still supported by sales of food.
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• The growth rate in March was supported mainly by the increased buying of food items, the central bank said.
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Having concluded eight rounds of negotiations, with another round set to take place in Brussels next week, the Brexit drama could return with a vengeance and haunt the British Pound. The uncertainty is expected to keep GBPUSD in the sub-1.30 region over the coming weeks, barring a miraculous breakthrough in negotiations or a sudden bout of weakness in the US Dollar. Investors apparently remain trepidatious about preserving the same break-neck speeds in adding to stocks’ advances, considering the still-lofty valuations. Yet the desire to push US stocks even higher is still attempting to gain critical mass, with benchmark futures edging higher at the time of writing, while FXTM trader’s overall sentiment is long on the US SPX 500 . Asians stocks are putting in a mixed shift after Wall Street was unable to sustain its mid-week rebound. Investors are also mulling the prospects of another round of US fiscal stimulus arriving before the November elections, which have now grown slim, after Senate Democrats shot down the Republican’s downsized proposal.

Sustained weakness below the $1850 support may open the doors towards $1815 level and the psychological $1800 level above the 200-day simple moving average. The primary culprits behind Gold’s sharp decline revolved around the better-than-expected U.S business activity data and rising optimism over the progress in a Covid-19 vaccine. Appetite towards the safe-haven asset took another hit amid the triggering of a formal transition process to President-elect Joe Biden.