05.11.2020: Biden edges closer to winning (DJIA, USDX, USD/CAD, BTC/USD

Futures on the US stock index are up by 1.5% or more. The outcome of the US presidential election is still unclear. The US dollar is losing momentum amid a drop in demand for safe-haven assets. The USD/CAD pair is also dipping. Bitcoin has updated its two-year high.
Futures on the major US stock indexes have risen significantly today. Investors continue to monitor the progress of the US presidential election.
Futures on the Dow Jones Industrial Average were up by 1.52% this afternoon, while futures on the NASDAQ Composite index advanced by 2.59%. Futures on the S&P 500 index grew by 1.91%.
Since the beginning of November, the US stock market has been experiencing stable growth. The US presidential election was held on November 3. Yet, the results of the voting in a number of states are still unknown. According to the biggest US media sources, Joe Biden is still ahead of Donald Trump in the race. However, Trump has already declared himself a winner and accused Democrats of trying to rig the election’s outcome. President Trump's re-election campaign is going to demand a recount of votes.
Experts say that the most favourable election outcome is one in which the US President is a Democrat, and the Senate is controlled by Republicans. Such a turn of events would prevent more extreme changes in the political course.
Investors are also waiting for the results of the US Federal Reserve meeting later on Thursday. First of all, market participants are anticipating the Fed’s assessment of the present economic situation as the coronavirus is still raging across the country.
Over the past few days, FX markets have been highly volatile due to the uncertainty over the US presidential election.
In midday trade, the dollar lost ground against other major world currencies. The US dollar index fell by 0.86%. At the time of preparing this material, the index was trading at 92.612. Its decline was triggered by reduced demand for safe-haven assets, among which is the American currency. Assessing the prospects for Joe Biden's presidency, many market participants prefer more risky assets to the greenback, including the euro.
The US dollar/Canadian dollar pair is moving in a downward trend. The US dollar has lost 0.59%, reaching the level of 1.3062.
There is a steady rise in the bitcoin price. Since the US presidential election, bitcoin has added in value, hitting its two-year high. Today, the cryptocurrency has been up 6.62%. At the time of preparing the material for this video, the price was 14953. Notably, bitcoin accounts for 64.7% of the entire global cryptocurrency market.
Joe Biden is already close to winning the US presidential election. He holds a significant lead in the pivotal states of Michigan and Wisconsin. However, Biden needs six electoral votes to consolidate his position. The states of Pennsylvania, Georgia, Nevada, North Carolina, and Arizona continue to count votes despite lawsuits filed by Donald Trump to stop the counting of votes in Pennsylvania and Georgia. Still, the final result of the presidential election will be announced in a few days as the number of votes being processed is huge.

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