Forex news for North American trade on November 3, 2020:

Markets:

  • Gold up $14 to $1909
  • US 10-year yields up 5.6 bps to 0.899%
  • S&P 500 up 59 points to 3369
  • WTI crude up $1.34 to $38.14
  • AUD leads, USD lags

There was a distinct risk-on tone in the markets Tuesday: Higher equities, higher Treasury yields and a lower dollar. That's the playbook for a blue wave so read into that what you like.

News on the day was mostly a non-factor. One exception was a headline from the UK that said hangups on a deal remain, especially fishing rights. That trimmed a big GBP rally, at least momentarily. Otherwise, sterling was particularly strong throughout the day as it shook off lockdown negativity.

The other story was limited to China, where shares of Alibaba sold off on the shelving of the Ant Financial IPO, which would have been the largest in history. There is a real battle with regulators going on behind the scenes there.

As for the other market moves, maybe it's telling, maybe it's the market making a mistake. There are lots of possible outcomes and finally, FINALLY, we're about to get real results.

Good luck.

Forex news for North American trade on November 3, 2020: