Donald Trump may challenge the presidential election results - 11.11.2020

Senior Analytical Expert

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Todays’ Market Summary

On Tuesday, the US dollar index was traded in a narrow range, just below 93 points.
On Tuesday, there was no single trend on the US stock market.
World oil prices are rising today for the third day in a row.
The precious metals quotes halted their drop yesterday.

Top daily news

Donald Trump's announcement of his intention to challenge the outcome of the US presidential elections boosted gold prices and slightly strengthened the dollar. Oil is getting more expensive as demand rebounds in China and Japan.

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Forex news

Currency Pair	Change
EURUSD	-0.19%
GBPUSD	-0.02%
USDJPY	+0.11%

On Tuesday, the US dollar index was traded in a narrow range, just below 93 points. No significant American statistics appeared yesterday. Today is the Veterans Day in the USA and some companies are not working. The previous US president Donald Trump stated his intension to challenge the election results. This slightly strengthened the US dollar, as it is assumed that the Republicans are against large-scale money emission. Democrats, on the other hand, believe that the money issue is necessary to stimulate the American economy. Important data on the US inflation for October is due tomorrow. The New Zealand dollar showed strong gains after the Reserve Bank of New Zealand (RBNZ) press conference. The head of the bank Adrian Orr says that the growth of the New Zealand economy is ahead of forecasts. According to investors,this may mean that a negative RBNZ rate reduction is not yet rational. The current rate is 0.25%. An on-line press conference “Central Banks in a Shifting World” will take place today, at which the heads of the ECB, the Bank of England and the Fed will speak. This can affect the dynamics of the foreign exchange market.

Stock Market news

Indices	Change
DJI	+0.9%
SP500	-0.14%
Nd100	-1.37%
USDIDX	+0.17%

On Tuesday, there was no single trend on the US stock market. The NASDAQ and S&P 500 were down while the Dow was up. Amid the announcement of the creation of a vaccine against the Covid-19, the stocks of the TripAdvisor travel agency increased by 10%. Due to the Veterans Day in the USA, there will be no bond trading today. Activity in other markets may be minimal.

Commodity Market news

Commodities	Change
OIL	+3.24%
#C-BRENT	+3.05%

World oil prices are rising today for the third day in a row. The news of the Covid-19 vaccine has generated has generated a flood of forecasts that global demand will soon recover. It is noted that the demand for oil in China and Japan has already returned to normal levels (as before the coronavirus pandemic). Yesterday’s price increases were aided by data from the independent American Petroleum Institute that US oil reserves fell by 5.15 million barrels to 482 million barrels over the week. Another factor of the oil prices growth was the formation of another tropical storm Eta in the Gulf of Mexico. It could again disrupt production.

Gold Market News

Metals	Change
XAUUSD	+0.14%

The precious metals quotes halted their drop yesterday. This was facilitated by the message that the previous US President Donald Trump intends to challenge the election outcome. Thus, global risks sharply decreased after the announcement of the creation of a vaccine against coronavirus, but if there is a political conflict in the United States, they may increase again. In addition, it is not yet clear how soon the number of patients with coronavirus will begin to decline after the new vaccine is used. Meanwhile, their number in the United States has reached 10.2 million. According to Hopkins University, more than 110 thousand new cases of Covid-19 are registered in the country every day.

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