Here is what you need to know on Wednesday, September 30:
The first presidential debate descended turned ugly and President Trump's refusal to say he would accept the election results is weighing on the market mood. ADP Non-Farm Payrolls, final US GDP stands out as September draws to an end.
President Donald Trump and rival Joe Biden clashed in an acrimonious televised debate. S&P 500 futures advanced at first but retreated as Trump refused to say he would accept the election results. Biden came into the televised clash with a lead and it will take several until new polling shows any change in voting intentions.
The US dollar is marginally higher and gold is paring some of the gains recorded before the debate.
See Presidential Debate: Stocks set to suffer on Trump's refusal to accept the results
Chinese purchasing manufacturing indexes for September came out marginally above estimates, pointing to ongoing growth in the world's second-largest economy. That has been insufficient to help Australian and New Zealand dollars.
Christine Lagarde, President of the European Central Bank, is due to speak in Frankfurt and may shed light on the ECB's next moves. She speaks after German and Spanish inflation figures reflected ongoing weakness and coronavirus cases are rising in the old continent. EUR/USD managed to rise above 1.17 on Tuesday, potentially also worrying the bank, that would like to see a lower exchange rate.
Brexit talks continue with somewhat less optimism than seen earlier in the week. GBP/USD failed to rise with EUR/USD on Tuesday. Final Gross Domestic Product figures are showing a fall of 19.8% crash in the second quarter, an upgrade from -20.4% initially reported.
ADP, America's largest payroll provider, publishes its jobs figures for September. The first hint toward Friday's official labor statistics is set to show a pick up in hiring. It is essential to remember that the firm's data has not been well-correlated with government data in recent months.
See US ADP September Preview: Payrolls rise, correlation and interest falls
The final US GDP for the second quarter is set to confirm an annualized fall of 31.7%. A substantial rebound is due in the third quarter. Pending home sales for August and speeches from Federal Reserve officials are also awaited.
Canadian GDP figures are projected to show an extended recovery in July, following the 6.5% expansion in June. USD/CAD is trading around 1.34, rising as oil prices are on the back foot.
Cryptocurrencies have been paring their gains, with Bitcoin changing hands at around $10,700.
The last day of the month tends to feature last-minute portfolio adjustments from money managers. That may trigger higher volatility around the London fix.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays in positive territory above 1.0850 after US data
EUR/USD clings to modest daily gains above 1.0850 in the second half of the day on Friday. The improving risk mood makes it difficult for the US Dollar to hold its ground after PCE inflation data, helping the pair edge higher ahead of the weekend.
GBP/USD stabilizes above 1.2850 as risk mood improves
GBP/USD maintains recovery momentum and fluctuates above 1.2850 in the American session on Friday. The positive shift seen in risk mood doesn't allow the US Dollar to preserve its strength and supports the pair.
Gold rebounds above $2,380 as US yields stretch lower
Following a quiet European session, Gold gathers bullish momentum and trades decisively higher on the day above $2,380. The benchmark 10-year US Treasury bond yield loses more than 1% on the day after US PCE inflation data, fuelling XAU/USD's upside.
Avalanche price sets for a rally following retest of key support level
Avalanche (AVAX) price bounced off the $26.34 support level to trade at $27.95 as of Friday. Growing on-chain development activity indicates a potential bullish move in the coming days.
The election, Trump's Dollar policy, and the future of the Yen
After an assassination attempt on former President Donald Trump and drop out of President Biden, Kamala Harris has been endorsed as the Democratic candidate to compete against Trump in the upcoming November US presidential election.