This Tuesday, November 5, the United States will hold the 2024 presidential election. According to BlockBeats news, current major polls show that Trump and Harris are evenly matched. Hedge funds and managers have accumulated $18 billion in long US dollar positions ahead of the US election vote. Wall Street strategists believe that Trump’s promise to impose tariffs will support the dollar at least in the short term.
Hedge funds and speculative traders expect the potential impact of the election on demand for safe-haven assets and the direction of tariffs to cause the dollar to rebound further. The market generally believes that Trump’s proposal to lower corporate taxes will be beneficial to corporate profits, so if he wins, it will boost US stocks.
Harris’ potential tax hike policy is seen as relatively negative for the stock market. However, Bank of America and Citigroup recently expressed differing opinions. Analyst Marc Chandler states that many positive possibilities for next week have already been priced in, so risks are tilted to the downside.
Gold recently hit an all-time high but failed to break above $2,800. When the US stock market closed on October 31, gold also sold off sharply when it fell, as if it was being liquidated to meet margin requirements.
