Everything on Hold as Vote Counting Continues in the US - Forex News by FX Leaders

Everything on Hold as Vote Counting Continues in the US

Posted Wednesday, November 4, 2020 by
Skerdian Meta • 1 min read

The election day is finally behind us, but the counting of the votes continues. At some point, when the first ballots started to come in, Donald Trump was ahead and the USD rallied, after it had been retreating for the last two days leading up to the elections.

But, Biden progressed overnight, and is in the lead at the moment, as the polls show, but everything is still to be decided, since the race is quite close, and no one has yet reached 270 seats. The EUR/USD lost around 170 pips, declining from 1.1770s to 1.16 in the early hours of the morning.

But it has been slowly crawling higher since then. Gold fell around 350 pips on a quick move last night, but it has been climbing back up since then, and it is now above $ 1,900. However, there’s still a lot of tension in the markets, and I think that we will see a decent move after the winner is announced. But who knows when that will be. As it stands, we might see the electoral college taking things into its hands, which will last a few days.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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