In the currency market
Euro: Rose for the second day in a row to close at $1.1721, up 0.02%. Technically, the initial resistance to the upward movement of the exchange rate is at 1.1794, the further resistance is at 1.1866 and the key resistance is at 1.1963. The initial support is at 1.1626, further support is at 1.1530, and more critical support is at 1.1458.
Sterling: Sterling turned lower against the DOLLAR, closing 0.57% lower at 1.2989. Technically, the initial resistance to the exchange rate upward is at 1.3111, further resistance is at 1.3238, and key resistance is at 1.3336. Initial support for the lower exchange rate is at 1.2885, further support is at 1.2786 and more critical support is at 1.2659.
Yen: DOLLAR/yen fell for a second day, closing down 0.01 percent at 104.48 yen. Technically, the initial resistance to the exchange rate upward is at 105.19, further resistance is at 105.86, and the key resistance is at 106.38. Initial support for the lower exchange rate is at 103.99, further support is at 103.47, and more critical support is at 102.78.
The stock market
The race for the White House was still too close to call on Wednesday, with neither Joe Biden nor Donald Trump winning. However, the Biden campaign expects biden to win the 270 electoral votes needed to win the White House. With the election showing an improved chance for Biden, investors’ hopes that a Democratic takeover of the presidency would lead to increased infrastructure investment and a massive bailout package spurred a broader rally in U.S. stocks in the middle of the day. The Dow Jones Industrial Average surged more than 800 points. The NASDAQ rose more than 4 per cent. The Dow Jones Industrial Average closed up 367.63 points, or 1.34 percent, at 27847.66. The S&P 500 ended up 72.35 points, or 2.15%, at 3441.51. The Nasdaq Composite index closed up 430.21 points, or 3.85%, at 11590.78.
London (Marketwatch) – European stocks closed higher on Wednesday as global investors remained focused on the outcome of the U.S. election. The Stoxx 600 index closed up 7.30, or 2.05 percent, at 363.31. Germany’s DAX30 index closed up 235.24 points, or 1.95%, at 12,324.22. Britain’s FTSE 100 index closed up 96.49 points, or 1.67%, at 5,883.26. The CAC-40 index in France closed up 117.24 points, or 2.44%, at 4,922.85. In Europe, the Stoxx 50 index closed up 63.83 points, or 2.06 percent, at 3,162.55. Spain’s IBEX35 index closed up 31.40 points, or 0.47%, at 6,783.00. Italy’s FTSE MIB index closed up 372.04 points, or 1.96%, at 19358.28.
Spot gold closed at $1,902.76 an ounce, down $6.66, or 0.35 percent, after hitting an intraday high of $1,916.32 an ounce and a low of $1,880.74.
COMEX gold futures for December delivery closed down 0.7 percent at $1,896.20 an ounce, losing the $1,900 mark.
Oil prices posted a third consecutive positive reading on Wednesday as Opec and Russia consider deeper production cuts early next year and data from two leading U.S. authorities showed U.S. crude inventories sharply lower than expected last week. But with the U.S. election in limpid shape, investors fear it could turn into a protracted campaign, which could undermine the U.S. economic recovery and limit oil’s upward momentum. U.S. WTI crude for December delivery closed up $1.49, or 3.95 percent, at $39.15 a barrel at press time. Brent crude for January delivery closed up $1.52, or 3.83 percent, at $41.23 a barrel, taking its total gain for the week to 10.06 percent. Earlier in the session, AMEX closed up 85 cents, or 2.31 percent, at $37.66 a barrel. Cloth oil closed up 74 cents, or 1.90 percent, at $39.71 a barrel.