Forex Today: Foreign intervention in US elections weighs on mood, jobless claims, politics eyed


Here is what you need to know on Thursday, October 22: 

Concerns about foreign intervention in the US elections have weighed on the market mood, allowing the dollar to recover after Wednesday's losses. Intense Brexit talks resume in London, boosting the pound. Tensions are mounting ahead of the final presidential debate. Jobless claims are eyed.

The FBI announced that Russia and Iran obtained US voter registration files and sent threats to voters. While officials have said that election infrastructure remain solid, concerns about a further complication of US elections and a rising chance disputes have pushed stocks and gold lower, while the dollar is consolidating its losses. 

President Donald Trump and challenger Joe Biden will clash in the final debate late on Thursday. Recent national and state polls have been pointing to some tightening, yet the Democratic candidate remains in the lead. 12 days ahead of Election Day, around 44 million have already voted, around 32% of all votes counted in 2016.

See:

Fiscal stimulus: House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have reported additional progress in talks with Pelosi saying they could "put pen to paper." On the other hand, Senate Republicans seem to be pushing for legislation to pass only after the elections. Investors remain hopeful for a deal in its current form, or a larger package if Dems win full control. 

US Initial Jobless Claims may be of greater interest than usual on Thursday, after jumping to 898,000 in the previous week. The upcoming data is for the week ending October 16, when Non-Farm Payrolls surveys are held. 

See US Initial Jobless Claims Preview: Losing the prediction panache

Brexit: Chief EU Negotiator Michel Barnier is leading a large delegation to London, to resume and intensify Brexit talks. UK Prime Minister Boris Johnson returned to the negotiating table five days after abandoning it, now aiming to clinch an accord by mid-November. GBP/USD soared on Wednesday and has been holding onto its gains. 

Eurozone coronavirus cases continue rising, with more authorities slapping restrictions to spread the disease. Spain's infections surpassed one million, while Germany's Health Minister Jens Spahn also tested positive. European Central Bank member Fabio Panetta may comment on the economic implications in a speech on Thursday. 

Cryptocurrencies: Bitcoin has been extending its rally, hitting $12,800 at the time of writing. Ethereum is near $400.

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD has lost its bullish momentum after having climbed above 1.0570 with the initial reaction to the US data in the American session and retreated toward the mid-1.0500s. On a weekly basis, the pair remains on track to close in positive territory. 

EUR/USD News

GBP/USD struggles to hold above 1.2300

GBP/USD struggles to hold above 1.2300

GBP/USD has edged lower following a jump above 1.2300 in the early American session on Friday. The market mood remains upbeat ahead of the weekend with Wall Street's main indexes posting strong daily gains on upbeat US data. 

GBP/USD News

Gold stays below $1,830 as US yields edge higher

Gold stays below $1,830 as US yields edge higher

Gold continues to fluctuate below $1,830 on Friday and looks to close the second straight week in negative territory. Fueled by the risk-positive market environment, the benchmark 10-year US Treasury bond yield is up more than 1% on the day, limiting XAU/USD's upside.

Gold News

Why Cardano could surprise over the weekend

Why Cardano could surprise over the weekend

ADA  set to close out the week with a gain on the workday trading week and over the weekend? Central banks signaled that the rate hike cycle is ending, meaning less stress and tight conditions for trading, opening up room for some upside potential with Cardano set to pop above $0.55 and test a significant cap.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures