Forex Today: US presidential election to keep leading the way

FXStreet Team FXStreet

Here is what you need to know on Monday, November 9:

On Saturday, the media called the US presidential election for Joe Biden, but President Donald Trump rejected the outcome and won’t concede. Additionally, he will continue with legal challenges, claiming fraud. So far, his demand made no progress in courts, as he failed to add prove to his accusations, except for those asking for observers in counting processes.

Joe Biden is expected to keep stocks running, despite early fears that a Democrat’s victory will mean tax hikes. Nevertheless, hopes for massive stimulus have arisen, as Biden has already announced he's working on a COVID-19 task-force that will be announced on Monday. He made it clear through his campaign that the federal government has a key role in leading the virus response.

Worth noting that Biden’s electoral advance doesn’t replicate in the Senate, where the Democratic Party has 46 seats while the Republican Party retains 48, according to media projections.

From now on, the states have up to December 8 to finalize their results. Electors will then meet on December 14 to vote. Finally, votes will be counted on January 6.

Coronavirus: The world has surpassed 50 million cases on Saturday when the US reported roughly 125K new cases. The number of contagions in Europe was roughly 300K in the same day, with the second wave hitting hard the northern hemisphere. Hopes are that vaccines will start rolling in the first half of 2021. Still, the economic damage will likely be tougher in the EU, where most countries have imposed severe restrictions to try curbing the spread.

Meanwhile, Brexit trade talks remain at a stalemate, with just a week remaining before the UK and EU parliaments need to begin ratification of a trade and security deal, could cause severe damage to the pound. GBP/USD bullish potential was capped by fears of a no-deal outcome.

Dollar’s sell-off helped gold settle at $1,950 a troy ounce. The bright metal will run alongside hopes for fiscal stimulus. Oil prices, on the other hand, edged lower, with WTI ending the week at $37.40 a barrel.

Bitcoin Technical Analysis: BTC rebounds eyeing $16,000

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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