Being the first Friday of the month, traders today waited for the release of Non-Farm Payrolls and were not disappointed.
Volatility in USD pairs rose, as the NFP number for October came in at 638k, which was the lowest increase in jobs since May, when the post-lockdown recovery began.
Today’s number did come in better than expected, as Analysts had forecast an increase of 600K jobs. Nevertheless this contributed to weakness, as markets fell, with all major U.S. indices declining, giving up some of the gains registered this week.
Biden gaining lead in key states
It has now been three days since voters in the United States went to the polls to vote for the country’s next leader, and despite this, Americans still do not know the name of their next President.
As of writing, Joe Biden is likely projected to win, and is said to have 253 electoral votes, 17 short of the 270 to be named America’s next President.
All of this comes as Biden continues to make significant progress against President Trump in two key states, Georgia and Pennsylvania. Biden has taken the lead in Pennsylvania, which has 20 electoral votes, and would secure the former Vice President, the top job.
Bitcoin nears two-year high
Bitcoin rose to its highest level since January 2018, as investors continue to flee to digital gold, due to the uncertainty surrounding the U.S. Presidential election.
BTC/USD hit an intraday high of $15,977, which is the highest level since January 7th, 2018.
Along with Bitcoin, Ethereum also rose, reaching its highest level since July 2018 at $446.
Quote of the day – “If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.”Mark Douglas
Podcast 101 Election Update – Friday 6th November
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Senior Market Analyst