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US Open – Time for talking running out

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Pelosi optimistic but Senate the real obstacle

Stock markets getting a bit of a boost into the end of the week as Mnuchin and Pelosi work towards a stimulus package and earnings offer encouragement in these uncertain times.

Pelosi’s optimism on a deal with the White House wasn’t hugely shared on Wall Street on Thursday, with the Senate still being a massive hurdle blocking a stimulus package before election day. Trump was once again optimistic that he could push any agreement through the Senate, a view not shared by majority leader, Mitch McConnell.

Obviously a deal between Mnuchin and Pelosi would be a step forward which may provide a minor lift, not to mention pile pressure on some Republican Senators just ahead of election day. Voting down a stimulus package days before an election could be a damaging blow to a Senator in a close fight for re-election. Perhaps this is what Trump is banking on.

The next couple of weeks will be really interesting in these markets and we may see a lot of choppiness due to the considerable amount of uncertainty that will accompany it. The final debate was a far easier watch than the last, with both candidates giving a better account of themselves. The question is whether Trump has done enough to close a considerable gap.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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