MarketDeal24.Com – All eyes are now on the November 3rd US presidential election, with Democrat candidate Joe Biden ahead of President Donald Trump by 10 percent. To win the presidency, Trump or Biden must win 270 of the 538 votes cast, and states, including North Carolina, Florida, Michigan, Pennsylvania, Wisconsin, and Arizona, could play a major role in deciding the outcome.
Still, many believe that while the results may not be released on election night, it may take a few days for the results to be released due to the increase in mail and in-person voting amid the Corona virus crisis. According to the latest data from the U.S. Electoral Project at the University of Florida, nearly 90 million people have already cast their ballots, more than 60 percent of the total votes cast in the 2016 election.
Meanwhile, the US Federal Reserve was seen maintaining a stable target range of 0-0.25 percent of the federal funds rate after a two-day meeting on Thursday, with investors emphasizing Chairman Jerome Powell’s press conference more as there will be some speculation about the next meeting. Policymakers have been calling for continued fiscal stimulus for economic recovery, but Democrat lawmakers and White House officials have yet to agree on a stimulus package.
In terms of economic data, the U.S. jobs report predicts a slowdown in labor market recovery, with the number of payroll increasing by 600,000 and the unemployment rate at 7.8%, down from 14.7% in April but much higher than before the epidemic. More. Also released this week will be the ISM PMI survey, foreign trade reports, factory orders, ADP job changes and third quarter production and labor costs.
Canada’s employment report, trade balance and PMI will also be published. Mexico’s inflation rate will be published and Brazil’s consumer price inflation, industrial production and foreign trade reports will be published.
Investors are focusing on the Bank of England meeting where policymakers are expecting a 100 billion increase in the QE program, but want to keep interest rates unchanged. Not much on the British economic calendar This week, only the Markit PMI, the Halifax House Price Index and new car sales reports will be released.
Within Europe, investors will keep an eye on the final Markit PMI survey of the Eurozone, Germany and France, and Italy and Spain will release their initial forecasts. Other economic data includes: retail sales and production prices in the euro area; German industrial production and factory orders; Sweden’s third quarter GDP.
The Reserve Bank of Australia’s meeting will be on election night so they can wait until the election results to raise interest rates. This is going to be an important week for the Australian dollar as their third quarter retail sales report, PMI and trade balance will be released this week.