US election votes are still being counted with many remaining votes being absentee ballots. This acts in favour of Democratic candidate Joe Biden who encouraged his voters to vote by mail and acts to the detriment of Donald Trump who was an outspoken critic of mail-in voting and discouraged his supporters from voting this way.
The latest data has Biden turning tide in Wisconsin as he is now seen winning this state (99% of votes already counted). Moreover, Biden starts to catch up in Michigan as well (20% of votes left to count). Winning these two states will put him on track to securing a 4-year term at the White House. However, in order to do this, he will also need to retain his lead in Nevada.
Such a scenario looks increasingly likely with betting markets now projecting that Joe Biden will become the next US President. Of course, still a lot can change but markets are starting to position themselves for such an outcome with USD losing ground.
Biden could win even if he loses North Carolina. However, he needs to flip Michigan and retain lead in Nevada. Keep in mind that the above map outlines the described scenario, not how votes are distributed right now! Source: "The Long View" Twitter
Daily Summary: CPI down, Markets Up
US OPEN: Macroeconomic data sends markets to new heights
BREAKING: Final US UoM consumer sentiment drops🗽Inflation expectations higher
BREAKING: US PMI above expectations! 📈🔥EURUSD declines!