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Original Title: The Answer Is Coming Soon! The Latest Speeches From Trump And Pelosi, The US Dollar Crashed Below 93 And The Gold Of US Equities Sounded “Rising”
FX168 Financial News (North America) News On Tuesday (October 20) for the Speaker of the US House of Representatives, Pelosi, designated a deadline for stimulus negotiations before the elections. Pelosi recently said she is optimistic about the possible new corona pneumonia assistance deal. According to Politico, Pelosi and Mnuchin will speak about assistance against the epidemic at 3 pm local time (3 am Beijing time on the 21st). At the same time, despite Republicans in the Senate opposing the large-scale stimulus plans, US President Trump continues to push for a comprehensive bailout plan. Trump said he will accept a deal worth more than $ 2.2 trillion. influenced by,Dollar indexThe short-term decline accelerated, once falling below the 93 mark. Spot gold rose rapidly in the short-term and once again broke the $ 1910 / oz mark. The three main US stock indices rose, among which the Dow Jones rose more than 250 points or 0.9%.
Despite opposition from Senate Republicans, Trump pushes for major COVID-19 deal
US President Trump on Tuesday promoted a comprehensive COVID-19 relief plan. He said he would accept a deal worth more than $ 2.2 trillion, even though Republicans in the US Senate opposed the large-scale spending measures.
In an interview with Fox News, Trump said: “I want to do more than Democrats.” Tuesday is the deadline for reaching a bipartisan agreement so that Congress can pass it before the general election on November 3.
The White House has proposed $ 1.8 trillion in coronavirus relief funds, and Pelosi is fighting for $ 2.2 trillion.
Republicans in the Senate have repeatedly stated that they oppose a nearly $ 2 trillion increase in pneumonia relief spending from the new crown, but instead focus on smaller measures.
Republicans are preparing to introduce legislation Tuesday to help small businesses affected by the new coronavirus pandemic. The virus infected more than 8.2 million Americans, caused 220,000 deaths, and millions of people lost their jobs.
Trump predicts that if US Secretary of the Treasury Mnuchin and Speaker of the House of Representatives Pelosi reach a bipartisan agreement, Senate Republicans will support him.
“Not all Republicans agree with me, but they will be,” he said. Trump also said he looked forward to the support of Senate Majority Leader McConnell: “If something happens, he will support it.”
But Thun, the Republican party in the Senate, said Monday that it doubted enough Republicans in the Senate would vote to pass a comprehensive bill as big as the White House proposal, not to mention a bill bigger than the one. Pelosi’s proposal.
“It is difficult,” Thun told reporters.
Trump said he is willing to accept the deal approved primarily by the Democratic Party. “I’ll take every vote I can get, whether it’s the Democrat or the Republican … I have no opinion on this.”
Pelosi and Mnuchin have been negotiating on and off a new coronavirus relief plan since August, and the two plan to speak again on Tuesday.
According to Politico, Pelosi and Mnuchin will speak about assistance against the epidemic at 3 pm local time (3 am Beijing time on the 21st).
Pelosi recently stated that she is optimistic about the possible new corona pneumonia aid deal; all hope to reach an agreement on the stimulus plan; the government has made progress on the aid bill, solved the problem of racial disparities, and worked hard to tackle the epidemic on the basis of science. An outbreak; Democrats continue to fight for tax relief and more help related to crown pneumonia is expected before Election Day; Democrats and Republicans can work together to reach an agreement.
On Tuesday, Senate Republicans will propose a new round of funding for the Payroll Protection Program (PPP). This popular plan was launched during the COVID-19 pandemic and received bipartisan support for small business loans.
This measure is not expected to move forward, because Senate Democrats have issued notices that they believe such specific efforts are not enough.
McConnell said the Senate also plans to vote Wednesday on the Republican Party’s $ 500 billion proposal, which includes unemployment benefits and school aid. It will provide individuals with a federal unemployment benefit of $ 300 per week, and Democrats hope to return to the $ 600 per week level.
The Democratic Party rejected a similar proposal from the Republican Party last month and Wednesday’s proposal is expected to fail as well.
The results of the stimulus talks will soon be announced, the dollar fell below the 93 mark, and gold and US stocks rose
The US dollar fell on Tuesday, investors awaited the outcome of the fiscal stimulus negotiations ahead of the upcoming US presidential elections, and there was an increase in new coronavirus cases in Europe.
The DXY dollar index fell below the 93 mark, the first time since September 21, fell more than 0.4% on the day, and is likely to fall for the second consecutive business day. The reason is that the president of The United States House of Representatives, Pelosi, made a negotiation on Tuesday on the coronavirus rescue plan. Limit date.
(USD 30-minute chart, source: FX168)
Mazen Issa, senior forex strategist at TD Securities, said: “While the tax negotiations are important for overall market sentiment, I think the forex market has really been looking forward to the US elections.”
Speaking about the economic stimulus plan, he said: “I think right now, the market really doesn’t want this to happen before the election, so it looks more like a political spectacle.”
He added that as opinion polls show Democratic presidential candidate Biden’s lead has expanded, the volume of currency transactions has been declining.
Although the market believes that Biden’s victory will bring more fiscal stimulus measures and may weaken the dollar, investors are also concerned that the outcome of the U.S. general election may be controversial, which may boost the hedge’s appeal dollar.
“As the US elections approach and the number of new corona infections increases rapidly around the world, investors can avoid establishing commercial positions on a large scale,” said Charalambos Pissouros, senior market analyst at JFD Group. .
France reports that the number of hospitalizations has increased significantly, while Ireland has announced some of the toughest restrictions in Europe.
EURThe dollar rallied Tuesday to a week-long high of 1.1815. As global stock markets recovered from the initial slump, investors generally stayed on the sidelines ahead of the November 3 US election.
Lee Hardman, forex strategist at MUFG in London, said: “The forex market is on the sidelines and traders are not willing to bet long before such a major risk event occurs.”
In the US market, spot gold rose US $ 15 in the short term, topping US $ 1910 per ounce, reaching a daily high of US $ 1912.33 per ounce. Spot silver was up 2% during the day and is now trading at $ 24.86 an ounce.
(30 Minute Gold Spot Chart, Source: FX168)
“The gold market is on the sidelines of the stimulus plan. It appears that Republicans and Democrats still have differences in wording on certain issues,” said David Meger, head of metals trading at High Ridge Futures. However, “there is still a lot of pessimism about whether the market believes that the two parties can reach some kind of agreement.”
As the deadline for Washington to reach a new fiscal stimulus deal approached, US stocks rose on Tuesday.
The Dow Jones index was up 250 points or 0.9%. The Standard & Poor’s 500 Index was up 0.9% and the Nasdaq Composite Index was up 0.8%.
(Dow 30 minute chart, source: FX168)
Tom Lee, founder and director of research at Fundstrat Global Advisors, said in a report: “In the next 24 hours, the most important issue can be said to be the introduction of fiscal stimulus. Although the market may think that this agreement is not so Important (because the agreement is likely to be reached after Election Day), but it is of great importance to Americans whose benefits are about to expire. Therefore, we believe that it is very important that Washington reaches an agreement “.
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