In today’s live trading session, we went over how the Forex market may react during today’s US Election.
Voters that haven’t voted yet are out and are getting their ballots in. The first round of results won’t be known until around 7:00 PM EST. Despite the uncertainty, the Forex markets may have provided us a hint. This morning the US Dollar Index (DXY) plunged 0.84% to the downside. We know that a Biden victory may lead to a weaker Dollar in the short term, so maybe this morning’s selloff was a hint from Wall Street?
The Forex markets were surging with volatility this morning and it will only get more intense as we approach the evening. A Biden win will most likely send many of the majors like EURUSD and AUDUSD higher. A Trump win, may bring the majors down. As for commodities, both Gold and US Oil look to go higher as they have already made sizeable gains against the Dollar.
Today is certainly one of those days where being a spectator is better than being a participant in the markets. We will be watching from the sidelines as Elections can be very tricky to predict. As always, be safe and trade responsibly!
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