EUR/USD remains bid as President Trump and Biden spar over economy

 

  • EUR/USD clocks six-day highs near 1.1750 as S&P 500 futures rise. 
  • Stock futures draw bids on better-than-expected China PMI data. 
  • President Trump warned of delay in elction outcome during the Presidential debate. 

EUR / USD extends gains on Tuesday with forward contracts linked to the S & P 500 earnings amid report of the first US presidential debate involving the president and the candidate of the Republican Party Donald Trump and his rival Democrat Joe Biden Party.

The currency pair is currently trading at highs of six days near 1.1750, after rising 0.67% on Tuesday. This was the largest single day percentage gain since August 28.

Meanwhile, the S & P 500 futures were up 0.30% and a weight against the dollar refuge. The equity futures contracts appear to have resumed a bid to better than expected China manufacturing PMI released Wednesday morning.

President Trump and Democratic candidate Joe Biden sparred on the economy, law enforcement, climate change and the integrity of the elections in the first presidential debate.

While Trump said that the United States has been a V-shaped recovery from the accident coronavirus, Biden spoke of the uneven recovery, increasing the gap between rich and poor.

Trump added that the election results could take months to come. According to Goldman Sachs, the S & P 500 options is increasing market price volatility post-election.

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