Today's Highlights
Francois Fillon
Dollar Breather
Draghi Today
Please note: All data, figures & graphs are valid as of November 28th. All trading carries risk. Only risk capital you're prepared to lose.
French Politics
Congratulations to Francois Fillon for taking the Republican party nomination for President of France beating out his rival Alain Juppe by a monstrous margin of 68.5% to Juppe's 31.6%.
According to the polls, Fillon will most likely face Marine Le Pen, who is largely seen as the French answer to Donald Trump. Le Pen is also a yellow haired populist who wants to deport all the illegals and slow down globalization to a trickle.
The elections aren't until May and this is hardly the only thing influencing the euro at the moment, but we can see the EUR/USD rallying with the prospect that the French, unlike the United States, had the foresight to put a candidate in play that at least has a chance to block the populist movement.
Market Overview
The euro isn't the only thing to kick the dollar this morning. In fact, we're seeing a major dollar retracement across all assets today, especially in the currency markets, which are looking a bit one-sided today...
Gold and silver are also breathing again with gold above $1192 and silver pushing $16.80 an ounce. Copper looks unstoppable regardless of what all the other markets are doing. Copper is up 1.79% so far today.
Stocks are moving everywhere but not in the same direction. The Aus200 is down 0.79%, the China 50 is up 0.47%, and the Jpn225 is nearly flat for the day as the Japanese try to stomach the stronger yen.
What's happening today?
Today is Cyber Monday in the United States. For those of you who are not familiar, this is the Internet's version of Black Friday where all of the online stores offer massive discounts in the hopes of driving big business.
Black Friday was a bit of a flop with shoppers spending an average of $290 each, which is down from $300 last year. Wall Street is now praying that Cyber Monday picks up the slack, citing that people are doing more of their shopping online these days. Either way, we won't need to wait long to find out.
Also, ECB President Mario Draghi will be speaking again today. Nothing grand is expected but Draghi has been known to move markets before so it pays to pay attention. Particularly, it will be interesting to hear what he has to say about the Brexit's impact on the Union.
Keep your eyes on this dollar pullback. The USD has traveled very far very fast, so even a 10 or 20% retracement could have a significant impact if you're trading on high leverage.
Also, keep your ears open for any updates about OPEC's deal. The big day is on Wednesday.
This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.
Past performance is not an indication of future results. All trading carries risk. Only risk capital you're prepared to lose.
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