Investors Assess Debate Results

Yesterday, the US dollar index (#DX) closed the trading session in the red zone (-0.40%). At the moment, the greenback shows a variety of trends against its main competitors after the first fierce debate between the current US President Donald Trump and his challenger in the upcoming presidential elections, Democrat Joe Biden. According to analysts, none of them came out of the debate with a decisive advantage. Both sides exchanged insults in an attempt to discuss issues such as the Trump presidency, the COVID-19 pandemic, the economy and taxes. Moderator Chris Wallace failed to control the debate. Trump has repeatedly ignored his calls to let Biden speak.

Additional support for the US currency is provided by the news that the speaker of the US House of Representatives Nancy Pelosi again discussed with the US Treasury Secretary Steven Mnuchin a new draft of measures to stimulate the economy offered by the Democrats. Pelosi said the negotiations were "positive." She also stated that she hoped to reach an agreement between the two parties that would remove any doubts about the bill being passed and signed by the President. This week investors' attention will also be focused on the US labor market data for September, which will be published on Friday.

Today, during the Asian trading session, ambiguous economic data from China have been published. Thus, the index of economic activity in the manufacturing sector counted to 51.5 in September, while experts expected 51.2. Chinese Caixin manufacturing PMI counted to 53.0 in September and was slightly below the forecasted 53.1.

The "black gold" prices are declining. At the moment, futures for the WTI crude oil are testing the $38.90 mark per barrel. At 17:30 (GMT+3:00), US crude oil inventories will be published.

Market indicators

Yesterday, there was the bullish sentiment in the US stock market: #SPY (+1.66%), #DIA (+1.55%), #QQQ (+2.08%).

The 10-year US government bonds yield has declined. The indicator has reached the level of 0.64-0.65%.

The news feed for 2020.09.30:
  • - UK GDP data at 09:00 (GMT+3:00);
  • - Report on the labor market in Germany at 10:55 (GMT+3:00);
  • - ADP nonfarm employment change at 15:15 (GMT+3:00);
  • - US GDP data at 15:30 (GMT+3:00);
  • - Canada's GDP statistics at 15:30 (GMT+3:00);
  • - Pending home sales in the US at 17:00 (GMT+3:00).

by Justforex, 2020.09.30

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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