EURUSD looking to bounce back
All eyes are on this week’s US Election, with most economists saying the race is too close to call. A Harris victory is likely to cause a short-term rally on the pair, reflecting some market. However, in the long term, with taxes expected to rise, this could pressure the greenback into giving up most of its October gains. Whatever the outcome, the dollar is expected to be volatile as a divided Congress could see more recession fears. 1.0900 is the first hurdle, while 1.0750 has turned into a fresh support.
UKOIL attempts to recoup losses
Oil prices took a downturn on renewed hopes that the Middle Eastern conflict would come to an end sooner rather than later. OPEC also continues to lower its forecasts, with prices now being pressured towards the $70 region. The next few weeks will give more clues about the overall direction of the black gold as we head into the final stages of the year. 74.00 is the closest support, and 76.50 is a pivotal hurdle to clear.
SPX 500 another day, another record
The S&P looks to push for another record high ahead of the magnificent seven earnings reports. With the rally continuing over the previous month, bulls have remained in the market with the expectation of another record high. As the economy looks towards a soft landing, only disastrous earnings calls for the big tech companies can cause a solid correction in the indices market. The index is on its way to 6000, and 5720 is a crucial support for breaking it.
