13.10.20202: USD getting into gear (DJIA, USDX, USD/CAD)

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Futures on the US benchmark indexes are trading mixed. The US dollar edged up on Tuesday. The USD/CAD pair is trading at the lower border of the downtrend.
Investors are keeping track of corporate earnings reports. Leading American banks began the season of financial records.
Futures on the Dow Jones were 0.38% lower. The S&P 500 inched down 0.11%. The Nasdaq futures are the only derivatives to trade higher, having grown 0.81%.
Yesterday, the Nasdaq composite index jumped 2.56% on the back of soaring Apple’s stock, its main driving force. Apple’s stock surged over 6% on Monday. In the American pre-market today, it is extending a rally with a 1.4% climb in anticipation of the event at which Apple is going to rolls out new iPhone models.
Traders are keeping close tabs on quarterly financial records by the US major banks. Net profit of JP Morgan Chase slumped by 39% in annual terms to nearly 17 billion dollars. Likewise, net profit of Citigroup contracted twice on a yearly basis to about 7 billion dollars. Investors had been braced for worse results for the third quarter. So, JP Morgan’s shares gained 2% in the American pre-market while Citigroup’s shares are trading 2.3% up.
Today the US CPI is also on investors’ radars. Consumer prices in the US are expected to rise 1.4% in September year-on-year. Headline inflation stands at 0.2% on month.
Global investors are fretted about a suspended stimulus package and the looming presidential election in the US. A lot of investors are anticipating Joe Biden’s victory because he will push forward with larger financial aid to shore up the pandemic-hit economy.
In the early European trade, the US dollar is carrying on with its advance slowly but surely.
Its index showed a 0.1% uptick to trade at 93.227. It bounced back from a three-week low of 92.997 that was hit on Friday.
The euro/dollar pair is 0.2% down. The dollar/yen pair edged up 0.1%. The risk-exposed Australian dollar lost about a half percent.
Nevertheless, the US dollar’s growth is subdued amid the positive background for riskier assets.
The reason behind the stunning rally of the US stocks yesterday is the evidence that the stimulus bill will be approved, no matter who will win the election. The soonest approval of the bill by the House of Representatives ensures a steady rally of the US stocks. Meanwhile, Donald Trump is forging ahead with his stimulus plan with a view of raising the odds for a second term. However, House Speaker Nancy Pelosi calls Trump’s latest stimulus proposal 'grossly inadequate'. One thing is obvious that the parties will hardly be able to settle a deal until November 3.

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