The much-awaited Trump vs Biden clash in the first US presidential debate is scheduled on September 30 at 01:00 UTC (or 21:00 ET on September 29) at the Case Western Reserve University in Cleveland, Ohio. Major political events like this will rattle the financial markets in all directions. Investors and traders brace themselves for the effects of possible results.
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The first US presidential debate will cover a range of topics that will be split into six 15-minute segments. Although the segments may change based on “news developments,” they will likely focus on key topics such as COVID-19, the economy, Trump and Biden records, the Supreme Court, election integrity, and race-based violence.
Analysts are divided in their opinions for the short-term future of stock trading. Half of the analysts believe that the SPX500 will experience a decline after the election, irrespective of who they think will win.
There is concern from both Europe and the United States that the current economic downfall is starting to have too much of an effect on the EURUSD pair. Foreign exchange analyst for the Macquarie Group, Gareth Berry, believes that the dollar will sink even further after the election. He also believes that this creates an excellent opportunity for the Japanese yen to thrive.
EURUSD gains 3% YTD [Sept 28, 2020], SimpleFX WebTrader
Traditionally, gold (XAUUSD) tends to fare positively in the lead up to the election, when political and economic uncertainties are peaking. Investors turn to this “safe haven” asset, which is more capable of retaining value compared with others. Due to the economic depression caused by COVID-19, gold has already gained almost 30% this year.
In a recent press conference, President Trump has sparked controversy when he said that he will refuse to commit to a peaceful transfer of power if he loses the election, saying that the result from the mail-in voting is susceptible to “massive fraud.”
Volatility will be high. Informed margin traders will get the upper hand as they analyze the effects of each key event leading to the US election on November 3. Trade the US election and see your profits get magnified.
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