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The United States will begin the 2024 presidential election next Tuesday, and many major polls still show Trump and Harris neck and neck

The United States will begin the 2024 presidential election next Tuesday, and many major polls still show Trump and Harris neck and neck

Bitget2024/11/03 08:29

The United States will begin the 2024 presidential election next Tuesday (November 5), and many major polls still show that Trump and Harris are evenly matched. Data from the U.S. Commodity Futures Trading Commission (CFTC) shows that hedge funds and managers have accumulated $18 billion in long dollar positions before the U.S. election.

Currently, Wall Street strategists generally believe that Trump's promise to impose tariffs will support the dollar at least in the short term. Hedge funds and other speculative traders expect that the potential impact of the election on demand for safe-haven assets, as well as tariff trends, will further boost the dollar. The market generally believes that Trump's proposal to lower corporate taxes would benefit corporate earnings, so if he wins it would boost US stocks.

On the other hand, Harris' potential tax increase policy is seen as relatively bearish for stocks. However, Bank of America and Citigroup have recently proposed opposing views. Analyst Marc Chandler said: "Many positive possibilities for next week have already been priced in, so risks tend to be downward. Gold recently hit a historic high but failed to break through $2800 USD per ounce. It is worth noting that when U.S stocks fell on October 31st , gold also saw significant sell-offs almost like being liquidated to meet margin requirements."

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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