Today, the focus is on the election in the US and lockdown fears across Europe.
The Royal Bank of Australia will release the latest interest rate. Predicted to remain the same. If the interest rate is lowered, the AUD will rise.
Assets to trade: AUD/USD, EUR/AUD
The Employment Change data for New Zealand for the third will be published. If the new data is higher than -0.8, the NZD may strengthen.
Assets to trade: GBP/NZD, EUR/NZD
Investors fear a contested result from today’s election in the US. Affects USD
Positive data on accelerated factory activity in Germany boosted confidence. Affects DAX
Lockdown worries grip London. Affects GBP
Goldman Sachs cut Europe’s fourth-quarter economic forecasts on Monday as COVID-19 cases led to countries announcing partial nationwide lockdowns for November. Affects EUR
The International Monetary Fund warned G20 major economies that the coronavirus crisis is not over and will require more spending than currently planned. Affects Gold
The excitement around the presidential election has continued to keep the US in the headlines and with it the buoyancy of the USD. Fears around the results of the election circle around more than who will win. As COVID-19 continues to ravage both areas, concerns seem to weigh less heavily on the USD.
Election turmoil could continue to float the USD. The chart shows the pair approaching its recent support level. The current momentum could drop the price below it.
A recent uptrend after a sharp downtrend could continue to gain momentum.
The price may meet bounce off of its upward support level.