{"id":106385,"date":"2020-11-05T09:13:20","date_gmt":"2020-11-05T09:13:20","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=106385"},"modified":"2020-11-05T09:13:20","modified_gmt":"2020-11-05T09:13:20","slug":"104732-eur-usd-euro-rallies-as-biden-edges-ahead","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104732-eur-usd-euro-rallies-as-biden-edges-ahead\/","title":{"rendered":"EUR\/USD: Euro Rallies As Biden Edges Ahead"},"content":{"rendered":"<ul>\n<li><strong>US Dollar (USD) eases as Joe Biden takes the lead but Republicans hold the Senate<\/strong><\/li>\n<li><strong>Biden\u2019s planned tax cuts unlikely to be passed<\/strong><\/li>\n<li><strong>Federal Reserve rate announcement later, no change expected<\/strong><\/li>\n<li><strong>Euro (EUR) supported as German factory orders rise for 5<sup>th<\/sup> straight month<\/strong><\/li>\n<\/ul>\n<p>The Euro US Dollar (EUR\/USD) exchange rate is extending gains for a third straight session on Thursday. The pair settled in the previous session mildly higher +0.1% at US$1.1722 after trading some wild swings through a range of 170 pips. At 07:15 UTC, EUR\/USD trades +0.3% at US$1.1755.<\/p>\n<p>No final winner has been declared in the US Presidential elections. However, Joe Biden is ahead as the slow counting process continues. Biden has secured 264 electoral college votes versus Trump\u2019s 214. Despite this bring a so far unclear and contested election (as Trump sues in some states) the market is applauding the verdict so far with risk on trading which is undermining demand for the US Dollar.<\/p>\n<p>With Joe Biden likely to take the White House but the Sensate remaining in the hands of the Republicans, political gridlock means that Joe Biden\u2019s planned tax hikes are unlikely to be passed. This is good news for corporate America and is boosting risk appetite.<\/p>\n<p>Looking Ahead the Federal Reserve interest rate announcement is due later today. US data from over the past month has been resilient even as covid cases surge to record highs. The markets have been broadly steady and there is little reason for the Fed to make any changes this month.<\/p>\n<p>US interest rates are expected to remain at these low levels for the next few years and the Fed could well reiterate that message. The announcement is unlikely to have much impact on the market, which remains heavily focused on the race to the White House.<\/p>\n<p>The Euro economic calendar has seen the release of German Factory orders. German manufacturing orders rose for the fifth straight moth in September, albeit at a significantly slower pace. Orders increased +0.5% after an upwardly revised 4.9% increase in August. Analysts had expected an increase of 1.5%.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Dollar (USD) eases as Joe Biden takes the lead but Republicans hold the Senate Biden\u2019s planned tax cuts unlikely to be passed Federal Reserve rate announcement later, no change expected Euro (EUR) supported as German factory orders rise for 5th straight month The Euro US Dollar (EUR\/USD) exchange rate is extending gains for a [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5637,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[2445,1389,1395,1601,1408,1397,1398],"class_list":{"0":"post-106385","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-biden","10":"tag-elections","11":"tag-eur","12":"tag-factory-orders","13":"tag-fed","14":"tag-us-dollar","15":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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