October 8: Overnight Market Wrap

October 8: Overnight Market Wrap

Key Points:

Dow Jones best performer as stocks surge on partial stimulus hopes

DXY dips as USD weakens across the board

UK/EU Brexit talks continue to add to volatility

US equities had a bumper session reversing the previous days ‘stimulus’ fallout as some kind of partial stimulus deal looks to be on the cards ahead of the election. Also, it’s likely that markets are starting to focus on a Biden win and bigger stimulus to come. However, that won’t be until Spring next year so perhaps markets are getting ahead of themselves as usual. Hard to find a poll showing a Trump win, even the staunch Trump backing pollsters Rasmussen have him behind and the betting markets are all backing Biden. The focus now seems to be on who will capture the Senate. However, we’ve been here before in 2016. The Dow was the best performer up 1.91% with Nasdaq and S&P500 very close behind. FX was somewhat subdued with the greenback giving back some gains against all the majors and AUD/JPY and CAD/JPY the biggest movers. Cable was volatile once again at mercy from tape bomb headlines surrounding Brexit and EUR squeezed some short positions back through 1.1780. Following the risk reversal Gold moved from 1872 back to 1899 before falling back midrange to close at $1888. Fed’s Williams was on the wire reiterating he sees green shoots but still a long way to go and the FOMC minutes were released without any market moving surprises. Nothing on the economic data radar to excite the upcoming Asian session but we will get to see the Vice Presidential debate at 1200AEST. Usually these events are dismissed but with both presidential candidates well into their twilight years there’s every chance one of the two debates today could be President within the next 4 years! BoE’s Bailey will speak later and watch for further EU/UK comments before the weekly US jobless claims.

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