Market Overview

US Futures, Currency See Volatility As Presidential Race Remains Too Close To Call

US Futures, Currency See Volatility As Presidential Race Remains Too Close To Call

The U.S. stock futures remain volatile in early Wednesday's trade as the presidential race remained too close to call. Major U.S. indices had closed higher on Tuesday - the Dow had gained 2.06%, the S&P 500 closed 1.78% higher, and the Nasdaq had advanced 1.85%.

Trading in futures does not necessarily determine what the market will do on the following day. Still, the futures gave up the early rally, only to rise again in what can be called a highly-volatile session as traders look to re-adjust their bets on a close election.

On the last check early Wednesday, the Dow futures are trading higher by 0.49%, the S&P 500 is higher by 1.16%, and the tech-heavy Nasdaq futures are trading higher by 2.69%. The Nasdaq futures had clocked a gain of 3.4% late Tuesday.

The Associated Press has called key swing-states of Florida, Iowa, and Ohio for President Donald Trump while Minnesota for the rival candidate Joe Biden. 

Forex Trading: At press time early Wednesday, U.S. Dollar Index futures are trading higher by 0.31% to 93.860, indicating strength in the dollar against major currencies. 

The dollar has strengthened 0.38% against the Euro to $1.1667, 0.45% against the Sterling to $1.2999, and 0.39% against the Japanese Yen to ¥104.87.

The Mexican Peso and the Chinese Yuan have weakened against the dollar, symbolizing fears of protectionist policies under President Trump's re-election. The dollar has gained 1.76% against the Mexican Peso to MXN 21.4720 and 0.31% against the Chinese Yuan to CNY 6.6967.

The 10-year Treasury yield has dropped 6.3 basis points to 0.818% on last check Wednesday after clocking a high of 0.892% since June on Tuesday.

ETS To Watch: SPDR S&P 500 Trust ETF (NYSE: SPY) and iShares 20+ Year Treasury Bond ETF (NASDAQ: TLT)


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