Markets Still Excited from Election, FOMC Up Next: USD/JPY, AUD/JPY, EUR/JPY

Stocks continue to move higher and the US Dollar continues to move lower as Joe Biden seemingly is going to win the US Presidential Election. To put a narrative to the move, the markets like the possibility for more stimulus than would be provided by a Trump administration, but they also like that the Senate will still be controlled by Republicans, limiting the amount Biden can raise taxes. The FOMC is up next, but don’t expect much from Powell with the election drama. A surprise would be a less dovish Powell. But are some of these post-election day moves in the Yen pairs a little overdone? USD/JPY On a 120-minute … (full story)

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