World News In 400 Words Or Less

Exit signs for Democrats and Republicans

What a crazy week?  Anybody else have trouble remembering this is the current US political landscape and not a week long trailer for the next season of ‘House of Cards’?  Our differences should be a uniting force for Americans not one that divides us.

We here at ForexDisco do not support a candidate or specific party.  We support the individual.  Go vote and participate in the process.  Respect your fellow American, realize they are your brother and sister no matter which box they check.

As for the markets, all seems quiet as we await the outcome of the US Presidential election.  Start the countdown for Wednesday morning when the world will have clarity on who the US has chosen to be it’s 45 President.

Asia

Australia had a beat on September Retail Sales with a .6% reading while the market expected .4%.  August’s number was revised higher to .5% but traders sold into the news and continued to take risk-off into the weekend.

Europe

Not much out of Europe today as far as announcements.  The Markit Composite PMI for October was 53.3 while October Services PMI was 52.8. Both readings were below expectations.

The UK continues to deal with Brexit.  Yesterday, the High Court ruled that Parliament must vote before Prime Minister Theresa May can execute Article 50 to begin the process of leaving the EU.  The ruling has potentially  squashed the chance of a ‘soft exit’ from the EU.

Brexit supporters will appeal the court’s decision and the Supreme Court will hear the arguments in early December.

North America

US Nonfarm Payrolls (est 175k, prev 156k) and the Unemployment rate (est 4.9% and prev 5%) for October will be announced today at EST 8:30am.  Keep an eye on the Labor Participation which was 62.9% in September up .1% from August.  Another month’s increase could reflect the labor market is tightening.

Canada will  be announcing October’s Employment Change (est -10k, prev. 67.2k) and Ivey PMI (prev 58.4).

What to be looking for?

Volatility is expected to be drained from the market until the US Presidential election is finalized.  The best decision is to wait and “let the dust settle” on Wednesday then reevaluate the market.

 

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