Resource Center

Global market watch - 23rd October 2020


News that there had been some interference in the US election by Russia and Iran gave the markets an excuse to buy dollars in European hours. The stimulus talks are also ongoing but may well only get a vote in Congress after the election. The market was really waiting for the presidential TV debate . Over 40 million voters have already cast their ballots for the election on November 3rd. First reading Services and Manufacturing PMI will be of interest in early US trading.


The dollar tried to move higher, but has ultimately failed over the past 24 hours as the US stimulus bill looks to be voted on just after, rather than before the election.


The dollar made a slight recovery against the euro yesterday as the market mulled over news that there had been some possible interference in the US election by Russia and Iran. Coronavirus infection levels continued to rise at levels higher than the first wave. Thankfully, the mortality rate is now much lower. First reading Services and Manufacturing PMI were released today and were well received.


After strengthening on the positive news that trade talks with the EU are restarting, it was time for sterling to take a breather in London trading yesterday. BoE economist Haldane said that although the Bank was studying negative interest rates that didn’t mean they were going to use them. He was followed by BoE Governor Bailey who noted that after the crisis the UK economy will need equity investment at a level not seen in normal times. Chancellor Sunak announced new levels of support for the differing levels of coronavirus lockdown.

UK retail sales were expected to flatline last month but instead managed to gain by 1.5%. This was the fifth consecutive monthly gain and has been well received by the markets and the pound.

We have also seen Services and Manufacturing PMI released at 52.3 and 53.3 respectively. The numbers were expected to be 53.4 for Services and 53.3 for Manufacturing so they are a little disappointing for UK Services.


In a quiet trading day, the AUD was not disposed to move very much, although it has managed to squeeze higher against the US dollar.

Mon Tue Wed Thu Fri Sat Sun
1 2 3 4
5 6 7 8 9 10 11
1213141516 17 18
1920212223 24 25
26 27 28 29 30 31