US election: Trump will reportedly admit defeat after talking to advisers – Fox

Eren Sengezer FXStreet

US President Donald Trump will admit his defeat in the presidential race after receiving input from his advisers, Fox News reported on Friday, citing sources familiar with the matter.

Earlier in the hour, the latest data from Edison Research showed that former Vice President Joe Biden has taken the lead in the battleground state of Pennsylvania and the Decision Desk HQ called Biden as the projected winner.

Follow all the election updates live

Update: Trump campaign responded to this report with the following statement:

"This election is not over. The false projection of Joe Biden as the winner is based on results in four states that are far from final. Georgia is headed for a recount, where we are confident we will find ballots improperly harvested, and where President Trump will ultimately prevail."

"The President is on course to win Arizona outright, despite the irresponsible and erroneous 'calling' of the state for Biden by Fox News and the Associated Press. Biden is relying on these states for his phony claim on the White House, but once the election is final, President Trump will be re-elected."

Market reaction

US stock futures continued to push higher on this headline. As of writing, the S&P 500 futures were up 0.1% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD remains slightly bid near 1.3300

GBP/USD now advances marginally and manages to dispute the 1.3300 region on Tuesday. Indeed, Cable regains some balance on the back of the lacklustre performance of the Greenback, all preceding the Fed’s meeting on Wednesday and the BoE’s gathering on Thursday.

EUR/USD recedes from tops, back below 1.1400

EUR/USD manages to set aside part of the recent weakness and clinches decent gains on Tuesday. Indeed, spot keeps the trade below the 1.1400 mark amid acceptable losses in the US Dollar, all following rising optimism of a US-Iran deal and steady caution prior to the FOMC gathering on Wednesday.

Gold holds above $4,000; looks to FOMC for fresh impetus amid US-Iran tensions

Gold is seen consolidating above $4,000 as traders opt to wait for the crucial FOMC decision due later this Wednesday for more cues about the Fed's future policy path. The outlook, in turn, will influence the US Dollar and provide some meaningful impetus to the non-yielding bullion. In the meantime, the risk of resumption of US-Iran hostilities continues to underpin the USD's reserve-currency status, acting as a headwind for bullion.

Bitcoin faces muted activity as BitMEX shutdown, FOMC uncertainty weigh on sentiment

Bitcoin eased below $64,000 on Tuesday as traders navigate exchange shutdowns and heightened uncertainty ahead of the Federal Reserve’s policy meeting, according to K33. In a report on Tuesday, K33 noted that BitMEX's decision to shut down marks the end of an important chapter for the crypto derivatives market.

Indian Rupee outlook: Downtrend set to persist – Just at a slower pace

The Indian Rupee just endured its most brutal six-month stretch in years, battered by a perfect storm of global shocks. From United States-India trade uncertainty to surging Oil prices and the significant outflow of Foreign Institutional Investment from the Indian stock market, every event brought nothing but pain for the Indian currency.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.