Global equities’ rally intact as Biden closes in on win

The Dollar weakening has resumed currently ahead of the US Labor Department report at 17:30 CET expected to show 740 thousand Americans likely sought unemployment benefits over the last week, down from 751 thousand the previous week, while the Federal Reserve head Powell’s press conference is due at 23:30 CET as the US central bank concludes its two-day policy meeting. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.2% Wednesday despite Automatic Data Processing report the US private sector hired 365 thousand new workers in October when a creation of 650 thousand new jobs was expected, and the ISM services PMI declined to 56.6 from 57.8 in September signaling a slowing of expansion in services sector. Both the EUR/USD and GBP/USD reversed climbing yesterday despite increase in euro-zone producer price index to 0.3% over month in September from 0.1% in prior month. Both pairs are higher currently despite Bank of England decision to expand bond purchases program by £150 billion. AUD/USD continued climbing while USD/JPY maintained its retreat yesterday with the dynamics intact currently.

Futures on three main US stock indexes are rising currently after rallying on Wednesday as former Vice President Joe Biden won Michigan and Wisconsin closing in on win in presidential election. The three main US stock indexes recorded gains ranging from 1.3% to 3.9%. European stock indexes are extending gains currently. Asian indexes are solidly higher today led by Hong Kong’s Hang Seng Index .

Brent is pulling back today. US Energy Information Administration reported US crude inventory fell by 8 million barrels last week. Prices ended higher Wednesday. The US oil benchmark West Texas Intermediate (WTI) futures gained: November WTI rose 4% but is lower currently. December Brent crude closed 3.8% higher at $41.23 a barrel on Wednesday.

Gold prices are rebounding today. Spot gold lost 0.25% to $1902.55 an ounce on Wednesday.