06 November 2024, EUR/USD
Event to pay attention to today:
16:00 EET. EUR - ECB President Christine Lagarde Speaks
EURUSD:
The EUR/USD exchange rate is declining in Asian trading on Wednesday. The US dollar is gaining ground as voters favour former US President Donald Trump in the upcoming US presidential election.
The polls are now closing in 15 states, including Arizona, Michigan and Wisconsin. Mr. Trump is currently outperforming Mr. Biden in rural areas, while Ms. Harris is outperforming him in suburban areas. The strengthening of Trump's trade position is providing further support to the US dollar (USD) against the euro (EUR).
Steve Englander, head of G10 global currency research and North American macro strategy at Standard Chartered Bank in New York, commented, "At present, the outlook appears to favour Trump." Mr. Englander further noted that throughout October and early November, the Trump trade had favored a stronger dollar and higher yields.
The outcome of the US presidential election will be a key factor influencing the dollar's momentum this week. However, investors will be monitoring the Federal Reserve's (the Fed) monetary policy decision, which is scheduled for announcement on Thursday.
In Europe, positive Eurozone GDP data prompted traders to reduce their bets on a larger-than-usual interest rate cut at the December meeting. The market anticipates that the ECB will cut the deposit rate by the usual 25 basis points (bps) in December. nvestors will be keeping an eye on ECB President Christine Lagarde's speech on Wednesday.
Trading recommendation: Trading mainly by Sell orders from the current price level.
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