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Original Caption: Decision Analysis: Did Trump Pay Taxes In China? Biden’s Son-in-Law Is Exposed To China, The Dollar May Have Escaped A Long-Term Bear Market
FX168 Financial News (North America) reported that the US dollar against a basket of currencies hit a seven-week low on Wednesday (October 21) after US President Trump and the Speaker of the House of Representatives, Pelosi, raised hopes of a large-scale fiscal stimulus package, prompting some transactions. Companies are increasing their bets on riskier currencies.
On Tuesday, the White House and Democrats in the US Congress came close to agreeing on a new coronavirus-related assistance package. Trump said that despite opposition within the Republican Party, he is still willing to accept a huge aid bill.
US Democratic leader Pelosi later said that, despite opposition from Senate Republicans, she was optimistic about reaching a new aid deal. However, he admitted that this agreement cannot be approved until after the elections.
Fed Governor Brainard said the economic recovery is uneven and fraught with uncertainty, and continued support from the government is needed to ensure the breadth and sustainability of the economic recovery.
Scotiabank’s chief currency strategist, Shaun Osborne, said in a report that if the Democratic Party wins the Nov. 3 election, large-scale fiscal relaxation measures are likely not to be passed before the first quarter of next year. .
Dollar indexIt fell for the third day in a row and closed at 92.64, down 0.49%. The intraday high reached 93.11 and the intraday low reached 92.47, the lowest level since at least September 2.
“We have entered a long-term bear market for the US dollar,” said Axel Merk, president and portfolio manager of the Merk Hard Currency Fund.
The dollar / yen fell to a four-week low and the yen will post its biggest one-day gain since August 28.
“Japan’s real interest rate is currently the highest in the G10,” Merk said.
Merk said that since the Federal Reserve agrees to keep interest rates low, real interest rates in the United States will fall further and the rate of decline will exceed that of other countries, and the dollar should weaken further.
The US stock market fell slightly on Wednesday and House Speaker Pelosi and Treasury Secretary Mnuchin continued to negotiate a new fiscal stimulus package.
The Dow Jones Index closed down 97.97 points to 28210.82 points, a 0.4% drop. Hours earlier, the index rose more than 100 points. The Standard & Poor’s 500 Index fell 0.2% to 3,345.56 points. The Nasdaq Composite Index fell 0.3% to close at 11,484.69 points.
Pelosi said in an interview with MSNBC on Wednesday that she hopes both parties will resolve the “appropriation portion” of the coronavirus assistance bill later that day.
Earlier, White House Chief of Staff Meadows said Tuesday that Pelosi and Mnuchin had made “good progress” in negotiations to stimulate the economy. However, he added that “they have a long way to go” before reaching an agreement.
Yousef Abbasi, StoneX Global Market Strategist, said: “The market seems to be concerned about pre-election stimulus negotiations, which may have no way out. Republican senators have vetoed any proposal larger than their small-scale agreement, and all indications are that, The hope of stimulating the economy before the elections is still very little. “
In other news, both US President Trump and Democratic presidential candidate Biden have exposed “scandals.”
Biden’s son-in-law, Klein’s venture capital healthcare company StartUpHealth, reportedly helped two large Chinese companies enter the United States in 2018. One is “Medbound,” whose main business is patients in China. Contact physicians in the United States.
Additionally, under the promotion of StartUpHealth, in November 2018, Midland Medical Group cooperated with China Ping An Insurance to “create a matching channel for every medical resource in 72 medical fields including radiology, oncology, and cardiovascular and cerebrovascular diseases.”
The report also said that after the new corona pneumonia outbreak in March this year, StartUpHealth praised China’s response to the epidemic, saying that “China’s systematic emergency response to contain the new corona virus will it has become a model for other countries. “
The New York Times reported Tuesday night that Trump has bank accounts in China, the UK and Ireland. None of the financial information it publicly disclosed was included.
The Chinese account is controlled by Trump International Hotels Management LLC. Tax records obtained by the New York Times show that the company paid $ 188,561 in taxes in China from 2013 to 2015.
A lawyer for the Trump Organization told the New York Times that the company opened the account to pay local taxes related to doing business in China.
“There have been no deals, transactions or other business activities, and the office has been inactive since 2015,” attorney Alan Garten told the newspaper. “Although the bank account is still there, it has never been used for any other purpose.”
Focus and weather vane for the next trading day:
14:00 Germany November Gfk Consumer Confidence Index
17:25 Bank of England Governor Bailey attended the summit
18:00 UK October CBI Industrial Difference
8:30 PM The number of people who claimed unemployment benefits in the week from the United States through October 17
10:00 PM The total annualized number of existing home sales in the United States in September
10:00 PM The monthly rate for the September US Advisory Chamber of Commerce Leading Indicators.
Analysis of the main currencies:
EUR: The euro / dollar rose for the fourth day in a row, closing at 1.1859, an increase of 0.32%. Technically, initial resistance for the bullish exchange rate is at 1.1853, additional resistance is at 1.1913, key resistance is at 1.1946; Initial support for the bearish exchange rate is at 1.1826, additional support is at 1.1793, and the most critical support is at 1.1765.
GBPGBP / USD rose for the fourth day in a row, closing at 1.3142, an increase of 1.51%. Technically, initial resistance for the bullish exchange rate is at 1.3233, additional resistance is at 1.3324, and key resistance is at 1.3472; Initial support for the bearish exchange rate is at 1.2995, additional support is at 1.2847 and the most critical support is at 1.2756.
Japanese Yen: USD / JPY declined to close at 104.55, a decrease of 0.83%. Technically, the initial resistance for the bullish exchange rate is at 105.27, the additional resistance is at 105.99 and the key resistance is at 106.45; Initial support for the bearish exchange rate is at 104.08, additional support is at 103.62, and the most critical support is at 102.90.
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