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Citi Wealth Insights

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Little joy for USD with a week to go until the US elections

USD: US fiscal stimulus deal looks unlikely before US elections – a modest but unconvincing blip up in the broad based USD Index (DXY) overnight (up +0.3% to 93.05) is blamed on risk aversion sentiment emanating from stalled US fiscal talks as House Speaker Pelosi and White House Chief of Staff Mark Meadows accuse each other of “moving the goalposts” in negotiations.
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East vs. West: A Contrast in COVID-19 Outcomes

After a summer reprieve, the rise of a second wave of COVID-19 in US & Europe was widely anticipated. In comparison, COVID-19 infection rates have remained dramatically lower in much of Asia.
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Final US Presidential debate changes little to the outlook

USD: The final US Presidential debate before the November 3 election last week sees few takeaways for markets with discussion of the National Security topic on Russia and China among the main highlights.
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Minor USD positives overnight lead to modest consolidative gains

USD: Fiscal stimulus continues to be in focus as talks continue between House Speaker Pelosi and Treasury Secretary Mnuchin overnight, though soundbites from President Trump are not particularly encouraging.
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US fiscal stimulus talks progressing but a deal still looks elusive so close to the US elections

USD: The overnight session brings less substantial news on US fiscal discussions but with the following updates - Another meeting takes place between House Speaker Pelosi and Treasury Secretary Mnuchin overnight likely to focus on the well communicated issues noted Tuesday including state and local aid and a Covid liability waiver.
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US fiscal stimulus – still talking (with caveats) but its Fed Evan’s comments that likely cause the USD selloff overnight

USD: US fiscal stimulus talks continue but a deal still looks elusive - Treasury Secretary Mnuchin and House Speaker Pelosi continue stimulus discussions overnight, seemingly breaking new ground with Pelosi announcing their “values,” are now aligned despite some differences.
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