The US Coronavirus Bill’s Effect on the Markets
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Investors can expect more volatility in the coming days as the likelihood of the US Coronavirus spending bill being passed into law hangs in the balance.
Monday’s sell-off and Tuesday’s rebound in equities mirrored the changing tone from Washington D.C. The Bill is playing on the markets in two-ways.
1. Timing
If it is to pass into legislation before the election date of the 3rd of November realistically there is less than 24 hours to find agreement
2.Size
Differences of opinion on the size of the spending splurge remain.
Democrat representative and House Speaker, Nancy Pelosi and Republican Treasury Secretary Steven Mnuchin have been leading the talks.
On Tuesday the White House Chief of Staff Mark Meadows said that the pair had made “good progress”, before adding that they “still have a ways to go” before an agreement is reached.
The ongoing talks are set to dominate the market. The previous week’s sideways trading in major indices representing a contraction in volatility as market participants brace themselves for a significant move in one direction or another.
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Anyone trading the markets will find opportunity and risk in equal measure. The good thing with CFD trading is that you can sell short as well as go long and profit from markets moving in both directions.
While it must be emphasized that the reaction to the spending bill cannot be predicted, the price action in the S&P 500 hourly chart has formed a downward channel.
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