Trump's North Carolina Victory Boosts Dollar and Yields, Bitcoin Hits New High
| Action Insight Daily Report 11-6-24 |
Trump's North Carolina Victory Boosts Dollar and Yields, Bitcoin Hits New High |
Dollar rallied sharply today after news broke that Republican candidate Donald Trump defeated Democrat Kamala Harris in North Carolina, a crucial battleground state. This win is considered a pivotal move toward Trump’s return to office, sparking significant moves across financial markets. US stock futures responded with enthusiasm, with DOW futures climbing over 500 points. Meanwhile, 10-year Treasury yield surged above 4.4%, reinforcing the sentiment around Trump’s impact on fiscal policy. Despite this initial surge, traders remain on edge, waiting for further confirmation from key states before taking on new positions. Asian stock markets offered a mixed picture in response to the news. Japan's Nikkei soared over 2%, driven by positive sentiment linked to a possible Trump victory, as markets see his economic policies as supportive of growth and deregulation. On the other hand, Hong Kong stocks suffered, dropping by more than -2.5% amid concerns over Trump's stance on China, which could bring intensified tensions. In contrast, markets in China and Singapore traded in a narrow range, reflecting uncertainty and caution.... |
EUR/USD Daily Outlook Daily Pivots: (S1) 1.0860; (P) 1.0887; (R1) 1.0905; More... EUR/USD's breach of 1.0760 indicates that corrective recovery from there has completed after rejection by 55 D EMA (now at 1.0939), and fall from 1.1213 is resuming. Intraday bias is back on the downside for 61.8% projection of 1.1213 to 1.0760 from 1.0936 at 1.0656. Firm break there will pave the way to 100% projection at 1.0483. For now, near term outlook will stay bearish as long as 1.0936 resistance holds, in case of recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | Employment Change Q3 | -0.50% | -0.50% | 0.40% | 0.20% | | 21:45 | NZD | Unemployment Rate Q3 | 4.80% | 5.00% | 4.60% | | 21:45 | NZD | Labour Cost Index Q/Q Q3 | 0.60% | 0.70% | 0.90% | | 23:50 | JPY | BoJ Minutes | | 00:30 | JPY | Services PMI Oct F | 49.3 | 49.3 | | 07:00 | EUR | Germany Factory Orders M/M Sep | 1.80% | -5.80% | | 08:50 | EUR | France Services PMI Oct F | 48.3 | 48.3 | | 08:55 | EUR | Germany Services PMI Oct F | 51.4 | 51.4 | | 09:00 | EUR | Eurozone Services PMI Oct F | 51.2 | 51.2 | | 09:30 | GBP | Construction PMI Oct | 55.3 | 57.2 | | 10:00 | EUR | Eurozone PPI M/M Sep | -0.50% | 0.60% | | 10:00 | EUR | Eurozone PPI Y/Y Sep | -3.50% | -2.30% | | 15:00 | CAD | Ivey PMI Oct | 54.2 | 53.1 | | 15:30 | USD | Crude Oil Inventories | -0.5M |
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