Soybean closes higher as harvest continues to progress
Soybean prices rose on Tuesday, as the US dollar fell against its peers, after positive data about progress on this year's harvest in the US.
The US presidential election launched today between the current president Donald Trump versus Democratic candidate Joe Biden, and farmers want to determine the upcoming White House policies to support them amid the coronavirus pandemic.
The US Department of Agriculture reported that the current harvesting of corn crops reached 83% and 87% of soybean.
The dollar index fell against a basket of currencies by 0.6% to 93.5 points as of 21:26 GMT, after it hit a high of 94.05 and a low of 93.5.
Soybean November futures rose 1% to $10.62 per bushel, after hitting a high of $10.70 and a low of $10.51.
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Pound rises against dollar ahead of Bank of England's rate decision
The British Pound rose against the US dollar on Tuesday, amid focus on the US presidential election, and ahead of the Bank of England's rate decision.
The US presidential election officially launched today between the Republican Party candidate and the current President Donald Trump versus Democratic candidate Joe Biden.
The Bank of England will unveil its rate decision on Thursday, which is widely expected to be held unchanged at 0.10%, and the bank's president Andrew Bailey will hold a press conference afterward.
Otherwise, the coronavirus crisis continues to cast a shadow all over the world, especially in Europe, which forced some countries, including the UK, to declare lockdown restrictions.
As of 20:26 GMT, GBP/USD rose 0.8% to 1.3016, with a day high of 1.3078, and a low of 1.2904
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Oil rises ahead of US inventories data
Oil prices rose on Tuesday, as the US dollar fell against most of its peers, amid focus on the US presidential election, and ahead of the US inventories data.
The US presidential election launched today between the current president Donald Trump versus Democratic candidate Joe Biden.
The American Petroleum Institute will release later today its preliminary data on US crude inventories, and the Energy Information Administration will reveal its official report tomorrow.
The dollar index fell against a basket of currencies by 0.6% to 93.5 points as of 18:23 GMT, after it hit a high of 94.05 and a low of 93.5.
As of 18:23 GMT, WTI crude December futures rose 2.5% to $37.7 a barrel, after hitting a high of $38.3 and a low of $36.5.
Brent December futures rose 2.2% to $39.8 a barrel, after hitting a high of $40.4 and a low of $38.6.
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US stocks close higher with presidential election in focus
The major US stock indices surged on Tuesday, as the market anticipates the outcome of the presidential election.
The US presidential election launched today between the current president Donald Trump versus Democratic candidate Joe Biden.
Investors are focusing on the election to determine the upcoming White House policies to drive economic growth, support businesses, the labor market, and the tax policy.
To the oil market, WTI crude December futures rose 2.3% or 83 cents, and closed at $37.66 a barrel, after hitting a high of $38.3 and a low of $36.5.
Brent December futures rose 1.7% or 74 cents, and closed at $39.71 a barrel, after hitting a high of $40.4 and a low of $38.6.
As for stocks, Dow Jones rose 12.1% or 555 points to 27,480, after it hit a day high of 27,640 and a low of 27,138.
Nasdaq rose 1.8% or 203 points to 11,160, with a high of 11,214 and a low of 11,004.
S&P 500 rose 1.8% or 59 points to 3,369, after hitting a high of 3389 and a low of 3,336.
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