Meanwhile markets are bracing up to hedge trading positions on a particularly turbulent US presidential election on November 3. Futures contracts on the Vix volatility index which uses options to derive an estimate of the future choppiness of the S&P500 show what some traders call a “kink” around October and November, in a pick-up that exceeds previous contests for the White House as reported in FT.
From the majors’side, euro and pound remains on the downside amid rise in dollar after plunged to two year low. For the day, BoE Governor will speak in front of UK Treasury to explain the recent stance. Choppiness in pound is highly expected. On the other hand euro remains capped below $1.20 as latest inflation print pushed back strong bullish sentiment for a while.
TREND : WEAK BEARISH
Time : 03/09/2020
Pivot : 1.1851
Technical View : LONG ABOVE 1.1871
Target : 1.1891, 1.1951, 1.1982
Technical View : SHORT BELOW 1.1831
Target : 1.1811, 1.1774, 1.1752, 1.1732