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Market review 04 November 2020

04 November 2020

Economic Data Takes a Backseat. The Focus Will be on Electoral College Votes…

The markets are in for a choppy day ahead as Electoral College vote counts roll in. Expect economic data to have a limited impact on the day.

For the EUR
It’s a particularly busy day ahead on the economic calendar.
Key stats include October service PMI numbers for Italy and Spain.
Finalized composite and service PMIs are also due out of France, Germany, and the Eurozone.
Expect the Eurozone’s services and composite PMIs to have the greatest influence.
Spanish unemployment figures that are also due out should have a muted impact on the EUR.
Away from the economic calendar, updates on Brexit, COVID-19, and the U.S Presidential Election will remain key drivers.At the time of writing, the EUR was down by 0.26% to $1.1685.

For the Pound
It’s also a relatively quiet day ahead on the economic calendar. October’s finalized Services and Composite PMIs are due out later today.
Barring a downward revision to prelim figures, however, the stats should have a muted impact on the Pound.
Away from the economic calendar, Brexit and U.S politics will remain key drivers. With England in lockdown mode, expect the Pound to see limited upside, however, ahead of the BoE’s monetary policy decision on Thursday’s.
At the time of writing, the Pound was down by 0.25% to $1.3027.

For the USD
It’s a busy day ahead for the U.S Dollar. Key stats include the market’s preferred ISM Non-Manufacturing PMI numbers for October and the ADP’s nonfarm employment change figures for October.
Expect both sets of numbers to garner some interest on the day.
Trade data and the Markit Survey’s finalized services and composite PMIs should have a muted impact on the Dollar.
Away from the economic calendar, expect the U.S Presidential Election to continue to influence mid-week.
At the time of writing, the Dollar Spot Index was up by 0.11% to 93.659.

Alibaba Plunges After Regulators Suspend Ant Group IPO

Chinese technology giant Alibaba sank over 8% Tuesday after regulators halted the Ant Group Co. Ltd IPO. Here’s how to trade the move.

Technical Outlook and Trading Tactics
After bottoming out at $170, Alibaba shares have remained in a steady uptrend. However, yesterday’s decline below both a key seven-month trendline and the 50-day simple moving average (SMA) may trigger further short-term weakness in subsequent trading sessions.
Still, those intending to buy should look for entries near $266, where price encounters support from a crucial horizontal line. In terms of trade management, consider placing a profit target in the vicinity of last month’s high at $319.32. Protect capital with a stop-loss order positioned under the September low at $264.56.

Gold Futures: Further gains look likely
CME Group’s flash readings for Gold futures markets noted traders increased their open interest positions by nearly 5K contracts on Tuesday, reversing at the same time four consecutive daily pullbacks. In the same direction, volume went up by around 10.8K contracts after three drops in a row.
Gold met resistance at the 55-day SMA
Tuesday’s positive price action in Gold prices was on the back of rising open interest and volume, leaving the prospects of extra gains well on the table with the next hurdle of not at the October peaks in the $1,930 mark per ounce.

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