Forex Today: Biden Edging Towards Narrow Victory

Trump’s only real hope for victory lies in ballot recounts and legal challenges to ballot admissibility.

  • Emerging results from the count in the U.S. presidential election suggests Joe Biden is close to a narrow victory, but not yet certain of that outcome. However, votes are still to be counted in some key swing states, and there will likely be recounts in at least two states and legal challenges to the admissibility of ballots, which have already been included in the count in at least two other states.
  • The result in Wisconsin was extremely close and the Trump campaign can legally insist on a recount there, while a recount is also likely to happen in Georgia. Final results are awaited from North Carolina, Nevada, Pennsylvania, and even Arizona which has arguably been called for Biden too early and which Trump might still win.
  • The Trump campaign is basically claiming they can only lose Pennsylvania due to massive fraud. These are the most serious allegations ever made at a high level in a U.S. election.
  • Trump’s short-term legal strategy now will be focused on overturning a deficit of 21,000 votes in the Wisconsin recount and getting ballots ruled out from the Pennsylvania count. If Trump can win these two states plus hold Georgia and North Carolina, he will win.
  • The opinion polls were way off forecasting the correct results, strongly overestimating the Democratic vote. Republicans also seem to have kept control of the Senate although Democrats have gained 10 seats in the House of Representatives.
  • Stock markets rallied strongly yesterday as Biden edged closer to victory. Forex markets are consolidating, but precious metals have been quite strong over the past day.
  • Yesterday saw 571,394 confirmed new coronavirus cases diagnosed worldwide – a record high beaten only narrowly by last Friday’s total.
  • Coronavirus daily global death tolls are rising sharply, with deaths in Latin America and the Caribbean continuing to fall, while the U.S.A. accounts for about 18% of the global total, and Europe 37%.
  • The European Union is now seeing more new coronavirus cases and deaths than any other area, with a short-term average of over 200,000 new cases daily. The death rate there is exceeding that in the U.S.A quite strongly with almost 2,000 deaths per day. Deaths are also continuing to rise strongly in the U.K.
  • Total confirmed new coronavirus cases stand at over 48 million with an average case fatality rate of 2.55%.
  • India has more than 8.3 million confirmed coronavirus cases, more than any other nation except the U.S.A. which has confirmed more than 9.4 million cases. The U.S.A. is the single country with the highest daily death toll, reporting more than 1,200 deaths yesterday, although the Eurozone is exceeding that number overall.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Algeria, Austria, Azerbaijan, Belarus, Bosnia, Bulgaria, Canada, Cuba, Cyprus, Denmark, Estonia, Georgia, Germany, Greece, Hungary, Iran, Italy, Japan, Jordan, Kenya, Kosovo, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Montenegro, Morocco, Nepal, North Macedonia, Norway, Poland, Romania, Russia, Serbia, Somalia, Sweden, Switzerland, Turkey, U.S.A., Ukraine, and the U.K.
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.