EUR/USD Rate Slid As Uncertainty Remained Around Outcome of U.S. Elections – Invest Chronicle

EUR/USD Rate Slid As Uncertainty Remained Around Outcome of U.S. Elections

On Friday, November 6, the Euro weakened against the US dollar by 0.1%, closed the trading at the level of 1.1873. December futures on the dollar index DXY dropped by 0.37% and were at the level of 92.23. At the end of Thursday, the EUR/USD exchange rate rose by 0.87% to 1.18229, and the DXY indicator fell by 0.96% to 92.516. Global markets have seen increased demand for risky assets, including the USD, for four consecutive days. At the same time, the rates of protective currencies such as the Swiss Franc and the Japanese Yen show significant strengthening, which is facilitated by an ambiguous information background.

The main factor of uncertainty on the day was the situation around the presidential election in the United States, where the results of the vote had not been summed up then. It is worth noting that in some States judicial observers revealed a significant excess number of ballots over the number of citizens with voting rights, which undermines confidence in the whole system of organization of elections in the United States and the results of this vote, in particular. The staff of the current President Donald Trump has already appealed to the court after violations of the voting procedure in a number of States, as well as demanding a recount of votes in Wisconsin.

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In the United States, macroeconomic statistics data on the number of initial applications for unemployment benefits also became known on Friday. The data highlighted that at the end of last week, the indicator decreased, but turned out to be worse than the consensus forecast.

Another important event was on Thursday when the meeting of the US Federal Reserve was held. In conclusion, the regulator left all the parameters of monetary policy unchanged. The Federal Reserve once again noted that it will continue to adhere to a soft monetary policy until full employment recovery and inflation reaches the target level of 2.0%.

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