Harris called for a “fresh start” in Pennsylvania

Dollar falls, euro and peso expected to be most affected by the election; close polls may delay results.

By Nadia Elbilassy | @Nadia Elbilassy | 5 November 2024

Market close
  • Stock Futures: Slight gains as markets await election results and a Federal Reserve rate decision.

  • Bitcoin ETF Outflow: Record outflow of nearly $600 million as investors brace for post-election volatility; BTC near $68,691.

  • Oil Prices: Stabilize after Monday’s rise; Brent at $75.22 and WTI at $71.58 following OPEC+ delay on output hike.

A tight race

Election day is finally here, and here is what we are keeping an eye on!

The dollar plunged earlier today while the euro and peso will be amongst the most affected currencies after the results. With polls showing a nearly even split between the two candidates, the result may take days to confirm after voting concludes.

In the last day before the election, Donald Trump and Kamala Harris made intense pushes across critical battleground states to rally final support. Harris, speaking at her closing rally in the pivotal state of Pennsylvania, emphasized the nation’s desire for a "fresh start."

Meanwhile, Trump addressed supporters in Michigan, a state with significant electoral stakes, urging them to turn out to vote.

U.S. stock futures remained slightly above the flatline on Tuesday as investors awaited the election outcome and anticipated the upcoming Federal Reserve decision on interest rates.

BTC

Bitcoin ETFs experienced a record single-day outflow of nearly $600 million as investors prepared for increased volatility following the election.

The crypto currency was in the green through out the Asian and European session hovering near $68,691.

Oil prices

Oil prices steadied on Tuesday following strong gains in the previous session, as the tight U.S. presidential race kept trading within narrow ranges.

Brent crude edged up 0.2% to $75.22 per barrel, while U.S. West Texas Intermediate (WTI) rose 0.2% to $71.58 per barrel. Both benchmarks had climbed more than 2% on Monday after OPEC+ announced it would delay its planned output increase of 180,000 barrels per day by at least another month.