Stocks slip while Biden expects win in Arizona - 13.11.2020

The Dollar weakening is intact currently ahead of the University of Michigan consumer sentiment report at 19:00 CET today. 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, slipped 0.4% Thursday as Labor Department reported below expected 709 thousand Americans filed for first-time benefits instead of forecast of 730,000. EUR/USD reversed its sliding while GBP/USD continued retreating despite Office for National Statistics report UK economy grew by a record 15.5% in the third quarter, slightly lower than the expected 15.8% expansion. Both euro and Pound are higher against the Dollar currently. USD/JPY joined AUD/USD’s accelerated sliding yesterday with both yen and Australian dollar higher against the greenback currently.

Futures on three main US stock indexes are mixed currently after pulling back Thursday. Pope Francis congratulated Joe Biden on presidential election. Trump would have to overtake Biden’s lead in at least three of the competitive swing states after more than a week of vote counting. The three main US stock benchmarks recorded losses Thursday ranging from 0.7% to 1.1% as the consumer price index remained unchanged for October instead of expected slowing of growth to 0.1% over month from 0.2% in September. European stock indexes are down today after ending solidly lower Thursday. Asian indexes are lower currently with Shanghai Composite leading the losses as Trump signed executive order barring Americans from investing in companies that help China’s military.

Brent is extending losses today. Oil prices fell yesterday as the Energy Information Administration reported Thursday that US crude inventories rose unexpectedly by 4.3 million barrels last week, compared with an expected fall of 2 million barrels. The US oil benchmark West Texas Intermediate (WTI) futures ended lower yesterday: WTI slid 0.8% and is lower currently. Brent crude closed 0.6% lower at $43.53 a barrel on Thursday.