This is what you need to know to trade today Tuesday, October 27:
Markets are recovering and the US dollar is slowly retreating, after concerns about COVID and the realization that US fiscal stimulus will not come hit the markets. Speculation about the election, two major US publications and additional data on coronavirus are drawing investors’ attention.
The dollar is trying to rally and S&P 500 futures are advancing after the index fell 1.86% on Monday. The drop was triggered by growing concern about rising coronavirus cases in Europe and the United States. The restrictions imposed throughout the Old Continent have not yet resulted in significant drops in infection rates.
The German Chancellor, Angela Merkel told the nation that difficult months are coming And according to the news, he’s considering a light form of lockdown. The German IFO business climate eased in October despite the relatively moderate impact of the second wave in the country. France, Spain, Belgium and the Netherlands are struggling. Tensions are rising ahead of the European Central Bank’s decision on Thursday.
COVID-19 cases in the US they were lower than in previous days in Monday’s report, typical of weekend data. Several states are reporting stresses in hospitals.
The United States Congress is now suspended until after the election, apparently slamming the door on the possibilities of a fiscal stimulus agreement and weighing on the markets. Senators approved Amy Coney Barrett for the Supreme Court, in a move that strengthens the conservative majority on the nation’s highest court, and before what could become a contested election.
President Donald Trump still behind rival Joe Biden in national and state polls, without a significant rebound after debate. FiveThirtyEight is targeting an 87% chance for the Democrat, and The Economist is targeting 95% as post-debate polls come out.
The race to control the Senate is tighter and remains critical to passing a meaningful stimulus package. Investors prefer a complete Democratic victory because of the stimulus and despite the potential for hostile policies for business.
The economic calendar features two important publications. First, it is anticipated that durable goods orders September show a moderate increase in investment. The data is incorporated into the third quarter GDP gross domestic product statistics released later in the week.
Subsequently, it is anticipated that the Conference Board consumer confidence report October shows a moderate increase, indicating stability in consumption. Election concerns could also surface.
The oil raw WTI it has risen again but remains below the $ 40 level.
The gold It is also on the rise again, topping the $ 1,900 level but staying largely within familiar ranges.
The Bitcoin It has extended its stabilization phase, staying above the $ 13,000 level, while Ethereum fell below $ 400.
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Credits: Forex Street

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