Joe Biden – MaiMarFX

Tuesday’s best performer was the euro which rose towards its current resistance at 1.2150. The recent strength in the U.S. dollar took a pause and if the euro climbs above 1.2180, we may see further gains towards 1.2270. Chances are at least in favor of further bullish momentum in the EUR/USD right now.

Treasury Secretary nominee Janet Yellen showed her support for Biden’s $1.9 trillion fiscal stimulus plan and said that the Biden administration won’t pursue a weak dollar. Her comments revitalized reflation hopes and serve as backdrop for risk sentiment. The U.S. dollar extended its retreat.

Joe Biden takes office as U.S. president and is to be sworn in at noon today in Washington.

GBP/USD

The pound stabilized above 1.36 after finding a halt at 1.3520. Since the pair fluctuates again in overbought territory in short-term time frames, we may see some corrective movements now but expect the 1.3550-area to serve as a support. On the upside, we expect the 1.3750-80-zone to limit potential gains in the near-term.

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Traders of the GBP/USD have been on a roller-coaster ride Friday with the pound failing to find a clear direction and trading choppily between 1.2963 and 1.2863.

The British pound was resilient to negative Brexit headlines after negotiations over a Brexit deal have stalled with Boris Johnson announcing on Friday that he will focus on preparations to leave the EU’s single market and customs union at the year-end without a trade deal. End of October/ Early November is the last likely moment a deal can be struck and implemented until year-end.

With 15 days to go until the U.S. election, polls show increasing odds of a Democratic sweep and the market thus sees increasing chances of larger economic stimulus. The upcoming election will determine main market moves and if polls suggest a too-close-to-call election volatility will rise quickly.

The final presidential debate before the U.S. election, between President Donald Trump and Joe Biden, will be live from Nashville, Tennessee on Thursday.