Biden Maintains Lead Over Trump

As the US elections draw closer, the gap between President Trump and Democrat candidate Joe Biden continues to widen. Biden is around 10 points clear of Trump at this stage with his lead having grown since the farcical first televised debate at the start of the month. Trump was widely criticised in the wake of the event for his un-presidential demeanour. His subsequent COVID diagnosis and his response to it have also exerted downward pressure on his ratings.

Despite leading Trump in the national polls, it is important to note that this isn’t necessarily a strong indicator of victory for Biden. Hilary Clinton was also beating in national polls heading into the 2016 election. However, due to Trump having greater support in the swing states, he was able to secure a win. Looking at the swing states latest polling results, Biden is ahead in 6 out of the 8 states by a minimum of 3 points and a maximum of 8. If Biden can maintain this lead, there is a strong likelihood that he can beat Trump. However, polls themselves have been brought into question a number of times over recent years.

Trump Attacks Biden Over Son

The main headlines around the elections this week have been in regards to a New York Post article about Biden’s son, Hunter. The Post ran a story accusing Hunter of selling political influence in Ukraine in 2015. However, Biden’s campaign was quick to dismiss the story as “Russian disinformation”. Biden’s claim has been endorsed by both Facebook and Twitter blocking the story on their platforms.

Trump has been predictably angered by Facebook and Twitter’s reaction and has latched onto the story, claiming that Biden “should not even be allowed to run for the presidency”. Trump has accused Biden of “blatantly lying” and has attacked Facebook and Twitter over their alleged bias against the President. The two candidates were scheduled to face off in a second televised debate today. However, with Trump refusing to take part in the debate remotely, the two candidates will instead hold separate televised town hall events

Technical Views

DXY (Bullish above 93.81)

From a technical viewpoint. The Dollar Index is now once again testing the 93.81 level where there is confluence between the bearish trend line from 2020 highs and the structural level there. Should price break above here, attention will turn to the 94.62 level next which if broken, could pave the way for a fuller bullish reversal in DXY.

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