The market is intently following the US midterms results, with the Republican party holding the upper hand for now. Later tonight, the upcoming CPI data is expected to record an 8.0% year-on-year increase - still far from the Federal Reserve’s 2% target.
As political and economic uncertainty looms, the stock market has ended its rally. The Nasdaq 100 dropped the most, losing 2.37% to 10,797. The safe haven greenback strengthened against its peers, USD/CAD rose above the 1.3500 level to 1.3526, and USD/JPY recovered to 146.44.
The euro/dollar pair slid near parity at 1.0011, and GBP/USD lost almost 190 pips and declined to 1.1356. As health concerns grew in China once again, AUD/USD decreased to 0.643. Bitcoin slumped further to 16,230.0 with a low of 15,702.
US Crude Oil Inventories increased by 3.92 million barrels - significantly higher than Mitrade's estimates of 1.360 million, WTI oil futures then closed at a three-week low of $85.83 a barrel. Gold price experienced minor fluctuations and closed lower at $1,707.04 an ounce.