Midterm election fever failed to intimidate wall street but made it happen to dollar, sending gold prices highs. Oil prices slumped. Bitcoin was in a red roller coaster.

Updated time: 17 Nov, 2022, 11:58 (UTC+04:00)

Stocks:

Wall Street resumed gains as the expectations of a victory for the Republicans in the upcoming midterm elections rose, which might cause the Congress’s division and prepare for U.S political standoff. Dow Jones rose 1% while Nasdaq and sp500 added around 5%. Investors were also concerned about the possibility that winning Democrats could drag the market down with increasing corporate tax.

Midterm election fever failed to intimidate wall street but made it happen to dollar, sending gold prices highs. Oil prices slumped. Bitcoin was in a red roller coaster.

Futures were little changed, with minor 0.1-0.2 gains in sp500 futures and nasdaq futures.

Commodities:

Despite the dollar's tumble, oil prices slumped 3% as Covid-19 battle in China escalated and as crude futures market participants tried to limit exposures ahead of weekly U.S inventory data due on Wednesday. Brent crude was down 2.6% to $95.36 while U.S WTI lost 3.14% to $88.91 per barrel.

Resurgent safe haven demand and weaker dollar sent gold prices to one-month high. Spot gold traded above $1,700 while gold futures rose to $1,715.90. Both instruments edged up over 2% in the last session.

Currencies:

Dollar lost ground for the second consecutive day as markets awaited midterm election results and inflation data that might bring a slowdown in rate hikes. This pinned its index down nearly 1% to 109.73. The dollar last traded at $1.1006 per euro and bought 145.20 yen, much below its 50-day moving average against the yen for the first time in nearly three months. Aussie dropped $0.65 to $0.6496 while kiwi wavered 0.1% lower to $0.5951. Sterling held at $1.1539.

Cryptocurrencies:

A bailout of exchange FTX from Binance caused a wild ride into the red in the crypto market. Bitcoin plummeted more than 10% and traded below $19,000 for the first time since mid September. Ethereum was even more miserable, dropping nearly 15% to $1,313 and reaching its lowest level in more than two weeks.

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