The final debate: Trump fails to land knockout blow
The two Presidential candidates traded punches for the final time last night, with Trump trailing the former Vice President in the polls. The debate was an entirely more civilized affair than last time in Cleveland, with fewer interruptions as production staff were able to mute the microphones of both participants. Biden attacked Trump over his handling of the pandemic, warning Americans of a ‘dark winter’ ahead, whilst Trump called his opponent ‘a corrupt politician’ who secretly took money from foreign sources. In an exchange on oil, the Trump team believe they landed a significant blow when the President got Biden to admit that he would transition the US economy away from oil to more sustainable energy sources. The gloves never really came off though, with 47 million votes having already been cast, commentators doubt that Trump has done enough to turn the tide of this race for the White House.
Takeaways: Biden did all he needed to do by not slipping up and not getting drawn into trading insults with Trump. The ‘status quo’ atmosphere was reflected in markets as the US Dollar traded in a narrow range during and immediately after the debate. Unless Donald Trump can pull off another improbable victory, the only question that remains is whether the Democrats will garner enough support to win both houses of Congress. This scenario would likely be Dollar negative as investors move into riskier assets.
If you'd like to take proactive steps to manage your FX risk or requirements during political uncertainty, you can speak to one of our Dealers by calling, 020 3465 8200.