Forex Today: Dollar rises after an ugly presidential debate, US data, end-of-month flows eyed

Here is what you need to know on Wednesday, September 30: The first presidential debate descended turned ugly and President Trump's refusal to say he  |  30/09/2020 07:02

Here is what you need to know on Wednesday, September 30:

The first presidential debate descended turned ugly and President Trump's refusal to say he would accept the election results is weighing on the market mood. ADP Non-Farm Payrolls, final US GDP stands out as September draws to an end. 

President Donald Trump and rival Joe Biden clashed in an acrimonious televised debate. S&P 500 futures advanced at first but retreated as Trump refused to say he would accept the election results. Biden came into the televised clash with a lead and it will take several until new polling shows any change in voting intentions. 

The US dollar is marginally higher and gold is paring some of the gains recorded before the debate. 

See Presidential Debate: Stocks set to suffer on Trump's refusal to accept the results

Chinese purchasing manufacturing indexes for September came out marginally above estimates, pointing to ongoing growth in the world's second-largest economy. That has been insufficient to help Australian and New Zealand dollars. 

Christine Lagarde, President of the European Central Bank, is due to speak in Frankfurt and may shed light on the ECB's next moves. She speaks after German and Spanish inflation figures reflected ongoing weakness and coronavirus cases are rising in the old continent. EUR/USD managed to rise above 1.17 on Tuesday, potentially also worrying the bank, that would like to see a lower exchange rate.

Brexit talks continue with somewhat less optimism than seen earlier in the week. GBP/USD failed to rise with EUR/USD on Tuesday. Final Gross Domestic Product figures are showing a fall of 19.8% crash in the second quarter, an upgrade from -20.4% initially reported. 

ADP, America's largest payroll provider, publishes its jobs figures for September. The first hint toward Friday's official labor statistics is set to show a pick up in hiring. It is essential to remember that the firm's data has not been well-correlated with government data in recent months. 

See US ADP September Preview: Payrolls rise, correlation and interest falls

The final US GDP for the second quarter is set to confirm an annualized fall of 31.7%. A substantial rebound is due in the third quarter. Pending home sales for August and speeches from Federal Reserve officials are also awaited. 

Canadian GDP figures are projected to show an extended recovery in July, following the 6.5% expansion in June. USD/CAD is trading around 1.34, rising as oil prices are on the back foot. 

Cryptocurrencies have been paring their gains, with Bitcoin changing hands at around $10,700. 

The last day of the month tends to feature last-minute portfolio adjustments from money managers. That may trigger higher volatility around the London fix. 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com