Here is what you need to know on Monday, November 9: Markets in risk-on after networks called Democrat Joe Biden as the winner of the elections. Apart from further election responses, speeches by central bankers, Brexit, and coronavirus developments are eyed. S&P 500 futures and gold have been extending their gains while the dollar is on the back foot on Monday, responding to Biden’s victory. The president-elect is beginning to work on the transition and will have to strike a fine balance between the left-wing of the party and centrists. Cracks in the party have surfaced and nominations to key positions will be closely watched. The Republican Party is also split between those who support President Donald Trump’s refusal to concede, citing concerns about irregularities, and others who are moving on. Markets currently see Biden’s election as a done deal rather than a contested election. Further counting from swing states has left Biden’s leader intact. States have until early December to publish the final results. See 2020 US Elections: Calling the winner or not? The fate of control of the Senate remains in the air. Two races in the upper chamber for Georgia will go to runoffs on January 5 and if Democrats win, they could hold control. Republicans made surprising gains in the House, yet fell short of taking control. See 2020 Elections: Biden wins also per Fox, markets set to focus on Georgia’s Senate races Investors will be following any intentions to pass a stimulus bill during the “lame duck” session, between the elections and inauguration in January. Federal Reserve Bank of Cleveland President Loretta Mester will be the first Fed official to speak after the bank opened the door to expanding its bond-buying scheme. Nonfarm Payrolls surprised with an increase of 638,000 jobs in October and a drop in the Unemployment Rate to 6.9%. COVID-19 cases continue rising in the northern hemisphere and may return to the focus. Both German and French officials said that the second lockdowns will likely have a smaller effect on the economy in comparison to those in the spring. Christine Lagarde, President of the European Central Bank, will speak later in the day. Brexit: UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen spoke over the weekend and failed to reach a breakthrough in talks about future relations. The House of Lords is scheduled to debate the PM’s controversial Internal Markets Bill (IMB) and return it to the House of Commons. The legislation knowingly violates international law around the trade in Ireland and is one of the issues in negotiations, in addition to fisheries and state aid. GBP/USD is holding onto gains around 1.31, buoyed by the Bank of England’s rate decision last week. BOE Governor Andrew Bailey will speak later on. Turkey: The finance minister resigned shortly after President Recep Tayyip Erdoğan fired the governor of the central bank, adding to pressure on the lira. USD/TRY has topped 8. Bitcoin is trading around $15,000, consolidating its gains after rallying last week. See: 2020 Elections: Markets are cheering, but what exactly? Some answers and what’s next FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next UK’s Eustice: There is now goodwill on both sides to progress, differences still remain FX Street 1 year Here is what you need to know on Monday, November 9: Markets in risk-on after networks called Democrat Joe Biden as the winner of the elections. Apart from further election responses, speeches by central bankers, Brexit, and coronavirus developments are eyed. S&P 500 futures and gold have been extending their gains while the dollar is on the back foot on Monday, responding to Biden's victory. The president-elect is beginning to work on the transition and will have to strike a fine balance between the left-wing of the party and centrists. 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