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Democrat’s control of the presidency and both chambers of Congress – also referred to as a blue wave – would mean greater fiscal stimulus, more cyclical upside, less trade policy risk, and a weaker US dollar and stronger emerging market currencies, according to Goldman Sachs. 

The investment banking giant foresees an early availability of coronavirus vaccine having a directionally similar effect on markets as the Democratic blue wave. 

The US presidential election is due on Nov. 3. Global equity markets dropped on Wednesday after President Trump highlighted the risk of a contentious vote during his first debate with the Democrat candidate Joe Biden.