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Currency markets await the tonight's presidential debate outcome


29.09.2020
Currency markets await the tonight's presidential debate outcome

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.3325-1.3425

Euro                 1.5600-1.5700

Sterling            1.7150-1.7250

 

The US Dollar index is unchanged this morning as markets focus on the new 2.2 Trillion Dollar stimulus plan for the US economy that was put forth by the Democrats last night. The amount of the plan is still considerably more than the Republicans have proposed so it remains to be seen if it will garner any traction in the Senate and with the President.

 

Markets will also be watching the outcome of tonight's first presidential debate to see if there is a clear winner. For the most part I think the US Dollar will trade weaker if Biden is clearly ahead in the polls and I am not sure what happens if Trump wins, you may see the US Dollar get stronger and European currencies trade weaker as future trade tariffs may be the new normal. I for one will not be watching as I think it will be a complete mess of a debate.

 

USD.CAD trading remains muted with USD.CAD opening the day at 1.3375 (0.7477) and has been trading in a 50 point range back and forth for the last couple of sessions. The Loonie is mixed against the currencies as it is mildly stronger against the Pound and weaker against the Euro so in all reality international markets are not focused on the Loonie at the moment.

 

We get some US and Canadian secondary inflation data and also some Federal Reserve committee members speaking today but for the most part we should see a quiet day on the currency markets ahead of tonight's debate where markets will want to see what happens with the early polls once it is finished.

 



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