Daily economic news digest

9 November 2016, 12:23

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Wednesday, November 9th


D.Trump managed to reverse the course of the US election race today and now is expanding his lead over H.Clinton.  With D.Trump’s win in key swing states by the poll results most of the popular news agencies have predicted victory of the candidate from Republican Party with a probability of 90%. D.Trump’s leadership in US election race remains a main surprise of this Wednesday, as just yesterday the main candidate for presidential chair was H.Clinton. Leader of the National Front party of the France Marine Le Pen has already congratulated Donald Trump in her twitter.


News that D.Trump is taking a lead in the US presidential election race has trigged huge wave of risk aversion sentiments thereby massively supporting safe-haven currencies such as JPY and CHF, lifting them against its American counterpart for 3.5% and 2% respectively. Moreover, the AUD/JPY pair currently remains one of the most heavily affected pairs by risk-off sentiments showing significant downslide for nearly 6% amid the dual pressure - rising demand for the yen and Aussie’s collapse due to expanding risk-off sentiments.


The gold as safe-haven asset gained today nearly 4% spiking the level of 1330.00. Risk aversion sentiments have made metal to reach tops last seen since September 27th. Experts have already called the current situation - “Brexit 2” as gold chart duplicates figures happened after crucial referendum in UK.


The worst outperformer of this Wednesday remains Mexican peso sending the USD/MXN pair to the record high level of 20.7759 on the back of D.Trump’s lead in the US presidential election. Peso remains extremely vulnerable to the US election results as D.Trump’s radical political views are directed against immigrants from other countries. However, the USD/MXN pair performs price correction moves, sliding down from its 13% upsurge back under the level of 20.0000.


The Euro also follows global markets sentiments and hits nine-week highs as traders have already priced in H.Clinton’s victory in US presidential election. However, seems that the dust around presidential elections is settling down and the euro falls back to the level of 1.1120 down from its tops marked in the region of 1.1300. However, developments around US presidential elections will remain as the main driver across the market overshadowing all major reports scheduled for this day.


The main events of the day:

US Crude Oil Inventories – 17.30 (+2 GMT)

RBNZ Interest Rate Decision– 22.00 (+2 GMT)


Support and resistance levels for the major currency pairs

EURUSD        S. 1.0975 R. 1.1091

USDJPY         S. 103.98 R. 105.78

GBPUSD        S. 1.2316 R. 1.2472

USDCHF        S. 0.9713 R. 0.9821

AUDUSD       S. 0.7655 R. 0.7831

NZDUSD       S. 0.7283 R. 0.7453

USDCAD       S. 1.3216 R. 1.3426


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