FOREX TRADING STRATEGY OCT 26 - EYES ON THE ELECTION

Oct 26, 2020
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Here are the most important updates on the financial market that no forex traders should miss.

Quick updates

  • According to the newly released PMI data, the economic activity of the Eurozone has fallen again this month as a second wave of Covid-19 swept the EU, raising expectations for a double recession.
  • The probability of US President Donald Trump's re-election rose slightly in the online betting market following the final presidential debate late on Thursday.
  • UK Smarkets exchange bet data shows Mr. Biden's chances of winning this election drop to 66% from 68% previously, while Mr Trump has an additional 2% up from 32%. to 34%.
  • After threats from Britain that they would scrape parts of the departure pact previously signed between the two sides from the British side, the main British negotiators and the European Union met on Friday for further negotiation on a trade deal aimed at preventing a Brexit breakdown. Both sides are working to reach an agreement before the transition ends at the end of the year.

forex news Oct 26

About the outbreak

The United States hit a record number of Covid-19 infections for the second consecutive day, adding another 85,317 cases. President Donald Trump's chief of staff said the United States would not "control" the pandemic. Spain has enacted a nationwide curfew while Italy introduced the strongest restrictions since the end of the nationwide blockade in May and the number of cases in France hit another record. US Vice President Mike Pence's chief of staff had a positive result, as did the governor of the Reserve Bank of India. With the virus out of control, it may be time to reset expectations for the world economy.

Changing goals

Nancy Pelosi and White House Chief of Staff Mark Meadows accused each other of "changing the goals" of the stimulus law in Sunday live interviews on CNN, showing why US lawmakers There is too much pessimism about whether an agreement can be reached before election day. If no coronavirus bailout bill passes before the election, Ms. Pelosi said House Democrats will continue to press for a deal in the bad post-election session. She said they won't wait until January.

Market on Monday

The US dollar rose higher early in the week as coronavirus infections in the US rose. Asian stocks were fairly quiet at opening: Stock futures rose in Australia and little changed in Japan, while Hong Kong markets closed for a holiday on Monday. The pound rose after trade talks between the UK and the EU were extended to October 28. S&P 500 index futures opened weaker. US stocks rose on Friday. Treasury Bonds rise as interest rate traders are questioning the large short position built in long-term Treasury Bonds on expectations of a Democratic sweep in the election sent in the United States next month. Oil prices are down.

Samsung founder passed away

Lee Kun-hee, who turned Samsung Electronics from a South Korean copycat device maker (re-learning the models of its predecessors) into the world's largest maker of smartphones, TVs and memory chips, has passed away at the age of 78. He is the richest man in Korea. Mr. Lee passed away Sunday next to his family, the company said in a statement, without mentioning the cause of his departure. In the process of driving innovation, Mr. Lee told employees to "change everything except your wife and kids."

forex news Oct 26

The richest bank

Kotak Mahindra Bank, backed by Asia's richest bank, is looking to take over IndusInd Bank, its smaller Indian rival, a move that will create the nation's eighth-largest financial firm. real. Uday Kotak, founder and CEO of Kotak Mahindra, is considering a possible full buyback. Uday Kotak and the Hinduja family held initial negotiations on a proposal in which the founders of IndusInd Bank could retain their stake in the bank after a deal.