Pelosi Pushes For 25th Amendment

October 9, 2020

Stubborn Jobless Claims Weigh In

The US index ended indecisively on Thursday as unemployment claims in America remained elevated.

Analysts believe that the labor market will continue cooling down through Q4 as the number of coronavirus cases continues to rise.

House Speaker Nancy Pelosi put her weight behind a 25th amendment bill.

This gives Congress a role in determining whether the President will be forced out of office because he is incapable of doing his job.

However, with this coming so close to the election, the chances of the bill being passed are pretty slim.

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ECB Keeping a ‘Free Hand’ on Euro Exchange Rate

The euro finished 0.10% lower on Thursday as the pace of the currency’s appreciation was again called into question.

A further rise in the euro would be a “risk to both growth and inflation”, according to European Central Bank policymakers.

Yesterday’s meeting also highlighted that the current inflation outlook was highly dependent on the amount of fiscal and monetary stimulus.

Sterling Closes in on 1.30

The pound shrugged off potential restriction woes by closing 0.15% higher yesterday.

The hospitality sector will take another hit today, with certain parts of Scotland closing bars and restaurants for a two-week period from 6 pm.

Sterling will hope that a Brexit deal does not hit any further hurdles if it wants to break through the 1.30 handle.

Indices Maintain Their Grip

All major US indices were trading almost 1% higher on Thursday as talks of further stimulus continued.

The White House seems to have made another shift in its negotiating tactics, now reportedly wanting to reach a fiscal stimulus deal with Democrats.

Nancy Pelosi said that she would not support a tighter stimulus bill. This reminded investors that it remains all or nothing for a fiscal and coronavirus relief package, with party leaders still far apart on its size and scope.

Gold Heading for Another Push?

Gold closed in on the $1900 handles as it ended yesterday’s session up 0.32%.

Stimulus talks and the run-up to the presidency could see a continued shift in risk appetite. Bulls will be waiting for the next sell-off in the greenback for the potential for another push to record highs.

OPEC Rebuffs Claims of Oil Peak

Oil settled above $41 as it closed 0.17% higher yesterday.

The output of WTI decreased as further shutdowns of oil refineries in the Gulf of Mexico drove prices up. We can expect Hurricane Delta to make landfall later today.

OPEC recently dismissed concerns that a peak in oil demand was close. The thought of inventories increasing to pandemic levels was quickly put to bed by exporting organizations.

By Orbex