The trading week has started on a relatively positive note for Bitcoin in the short term. The leading cryptocurrency has regained buying momentum and is up more than 3.5% during the session, reflecting a meaningful improvement in demand.
USD/CHF bears are closing in on critical trend support, with the next reaction likely to determine whether the October decline has further to run.
Democrats made sweeping gains in the US midterm elections, winning control of both the House and Senate - what does it mean for the S&P 500 and the AI trade?
The trading week continues to unfold and the recovery in the Canadian dollar has once again become a relevant theme in the short term. This can be clearly seen in the recent performance of USD/CAD, which is down nearly 0.4% during the session, reflecting a consistent recovery in the CAD against the U.S. dollar.
Euro bulls are attempting to build on the rebound from recent lows, but pivotal resistance still stands in the way of a larger EUR/USD recovery.
U.S. stocks are opening higher on Wednesday after the Democrats secured a sweeping victory in the midterm elections, taking both the House of Representatives and the Senate.
The US dollar has been a standout loser in the FX space today. A Democrat-controlled Congress is widely seen as being at least mildly negative for the dollar, partly because of the potential implications for the AI investment story and partly because of the risk of another prolonged government funding standoff, potentially from next summer. This has allowed the likes of the GBP/USD to rally alongside gold and silver.
Crude oil prices have pulled back more than 11% from October highs, in line with U.S.-Iran negotiation hopes and shifting U.S. midterm expectations.
Markets had a wild overnight session, with futures initially plunging before staging a sharp reversal and turning decisively higher. Global equity markets also bounced back, alongside gold and silver, while the US dollar has weakened. Oil prices fell on hopes of a deal between the US and Iran, providing another boost to market sentiment. The key question is why have markets rebounded so strongly and, more importantly, whether the recovery can last, given the prior assumption that a blue sweep would have been net negative for stocks?
A Democratic win in the U.S. midterm elections is supporting rebounds in risk assets, including precious metals, currency pairs, cryptocurrencies and U.S. indices. This reaction appears to align with changing sentiment around the war and its inflationary impact.
EUR/USD rises on USD weakness and as Eurozone inflation hits 4%. Gold – U.S. midterms lift precious metal above $4,000.
The DAX briefly reclaimed the 26,000 level as investors used post-election weakness as an opportunity to rotate into industrial, healthcare and energy-transition leaders. Strong gains in Bayer, Siemens and Siemens Energy helped offset weakness in consumer and AI-related growth stocks. With bond yields easing and the dollar weakening after the US midterm elections, investors are increasingly focusing on earnings quality, visible demand and infrastructure-related growth themes.
The Nikkei 225 has taken another beating as a Democratic sweep adds to concerns about AI investment returns. But after the scale of the earlier declines, how much bad news is already priced in?
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