Wall Street is trading lower on Monday. The US dollar asserts strength. The Canadian dollar is giving to its stronger American rival.
Futures on the US benchmark stock indexes are trading on the choppy bear market. Recently, futures were frequently trading with a downtick in the first half of the trading day. However, today in the American pre-market futures shed over 0.7% from Friday’s closing price. The Nasdaq lost 0.9%. Bears are holding the upper hand in the equity market.
Still, it is hardly possible to predict the outcome of the New York trade today as the market is highly volatile.
In the early European session today, the US dollar perked up amid surging coronavirus cases in Europe and the US and a lack of progress on the stimulus package. Apparently, traders want to play safe avoiding risky assets in favor of the time-proven safe haven dollar.
Its index grew 0.2% to trade at 92.972.
The coronavirus resurgence forces authorities in Europe and the US to resort to countermeasures. The United States has recorded its highest number of new COVID-19 cases over the weekend.
Some reports in the media unveil that the US lawmakers came to a compromise on the stimulus bill. It is under consideration in Congress. Nevertheless, the bill is unlikely to be approved ahead of the presidential election. House Speaker Nancy Pelosi and White House chief of staff Mark Meadows still cannot reach an agreement.
This week, three major central banks are holding policy meetings. Besides, advanced European economies and the US are due to report on their GDP for the third quarter.
On Thursday, the market will get to know GDP data for the US. The US national output is expected to rebound by 31.9% in the third quarter.
The US/CAD pair is trading at 1.3135, extending its uptrend.
Investors are braced for extremely turbulent trading week. The economic calendar is packed with macroeconomic data. Four companies with a trillion market capitalization will present their corporate earnings reports. Financial records of other top American companies are also on investors’ radars. Investors are alert to such records because they will shed light on business conditions on the back of the second coronavirus wave. Another catalyst for market turbulence is the final battle between the candidates to the US President and their teams.
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