Forex news for Asia trading for Thursday 5 November 2020
- Biden campaign manager tweeting his confidence on winning Georgia
- BoE interest rate and QE decisions due Thursday 05 November 2020 - preview
- Updated counts in Arizona, Nevada being reported. Biden narrowly ahead. Trails in Georgia.
- Latest in the counting for US Senate seats.
- Apple is said to be facing a chip shortage for its iPhone 12
- Biden flexing - in 77 days will rejoin the Paris Climate Agreement
- China approves coronavirus tests, shorten testing time to 20 minutes
- PBOC sets USD/ CNY reference rate for today at 6.6895 (vs. yesterday at 6.6771)
- Few FX option expiries for Thursday November 5 at the 10am NY cut
- BOJ increases its purchases of JGBs today
- China has suspended entry of UK nationals citing COVID19
- Japan - Jibun Bank/Markit Services 47.7 and Composite 48.0 PMIs (final) for October
- Australian betting site Sportsbet are paying out on Biden winning the US Election
- Australia trade balance for September 5.63bn surplus (expected AUD3.7bn)
- A Nevada election official says no results until Thursday
- New Zealand preliminary business confidence (Nov.) -15.6
- US coronavirus update: 104,000 newly confirmed cases reported today
- New York Times election analyst says Biden to win Pennsylvania by 2 points
- NZ PM Ardern will increase funding for firms to employ more workers
- Biden launches a 'transition' website in preparation for the presidency
- UK press says Bank of England QE could be as high as 200bn GBP
- Eyes on who will take the presidency, but what about the Senate?
- UK press report the Bank of England is considering negative rates
- FOX News now projects Biden wins Michigan
- Coronavirus - Denmark plans to kill 15 million animals after a mutation spreads to humans
- Trade ideas thread - Thursday 5 November 2020
- CNN has 'called' Michigan for Biden
- Biden speaking - says count will show he has won the presidency
Joe Biden moved closer to securing 270 Electoral College votes with most analysts having him now at 264 against Trump on 214. Further counting in the states still up for grabs saw Biden polling enough to take the win, but of course we await further updates. There is more on the bullets above, those towards the top are the more recent updates. An Australian gambling site has already paid out on a Biden win, says his lead is 'unassailable'.
Markets have traded mostly in a 'risk on' fashion, with an occasional wobble on short-lived fears for Biden's reelection but the trend was solidly higher for US overnight stock index trade. Currencies are generally higher against a weaker USD on the session here but compared to yesterday's big (for Asia) swings, ranges have held to only slightly greater than normal.
There is a decent chance we'll get more definitive results out of Georgia and Arizona in the hours ahead. Nevada may well be Thursday. All still up for the taking, as is Pennsylvania.
GBP took a hit earlier in the session with a headline of perhaps negative rates from the BoE today (it was little more than a headline, there was no decent information in the story) and a greatly expanded QE program. Cable retraced much, but not all, of the drop:
