US: Americans Voters 'Hopeful' About Presidential Election Result
A new Fox News survey has found that: “A month after Donald Trump’s presidential victory, more voters feel positive than negative about the election results.”
- In the poll, “voters were given a list of words to describe how they felt about the election outcome and at least half say they are hopeful (54%) or relieved (50%), and just under half feel excited (48%).”
- Democratic pollster Chris Anderson said: "The fact that hopeful is the top emotion about the election outcome mostly reflects the deep partisan divide in the country, but notably, one in five Democrats is hopeful.
- “While it’s a stretch to say that means Trump can bridge the partisan divide, it may reflect that at least some Democrats think he can make progress in certain areas -- most likely inflation and border security, the top voting issues this year."
- Voter enthusiasm will be a major boost for the incoming Trump administration, which is hoping to avoid the kind of voter blowback that has accompanied electoral transitions elsewhere in the world in 2024. If optimism persists into the new year, it may allow the Trump administration flexibility in efforts towards an ambitious agenda in Congress that includes major reforms to taxation, the border, and energy policy.
Figure 1: “Under the Trump Administration…”
Source: Fox News
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USDJPY TECHS: Trend Needle Points North
- RES 4: 157.86 High Jul 19
- RES 3: 156.67 76.4% retracement of the Jul 3 - Sep 16 bear leg
- RES 2: 155.27 2.00 proj of the Sep 16 - 27 - 30 price swing
- RES 1: 154.77 High Nov 12
- PRICE: 154.76 @ 17:01 GMT Nov 12
- SUP 1: 151.76 20-day EMA
- SUP 2: 149.84 50-day EMA
- SUP 3: 149.09 Low Oct 21
- SUP 4: 147.35 Low Oct 8
The USDJPY trend condition is unchanged and remains bullish with price trading closer to its recent highs. Resistance at 153.88, the Oct 28 high, has been breached, reinforcing a bullish condition. Sights are on 155.27, a Fibonacci projection. Initial firm support is 151.76, the 20-day EMA. A break of this average would signal the start of a short-term corrective cycle. Support at the 50-day EMA, lies at 149.84.
US: Trump Advisors May Push For "Calibrated Approach To Tariffs" WSJ
The Wall Street Journal has published a piece arguing that Trump’s tariff agenda is unlikely to be as politically damaging as the price shock during the first half of Biden’s term.
- WSJ notes: “Early on [in Biden's term], wages lagged behind inflation, eating away at purchasing power. But even once wages caught up, the psychological damage remained.
- “That psychological toll might be why voters rated their state’s economy well but the country’s poorly. Inflation, like illegal immigration, fed into a sense of national disorder, for which blame naturally fell more on the president than local leaders. This might help explain why congressional Democrats escaped a shellacking in the 2022 midterms and outperformed Harris last week.”
- On the risk of similar blowback for Trump's agenda: “Trump needs to guard against the inflationary consequences of his own policies. Economists think his tariff plan, if fully implemented (which is far from a certainty), could raise consumer prices about 1%. That is nothing like the 21% of the past four years, but it’s the wrong direction.
- “Trump’s Wall Street advisers know this, and as a result, they might press for a calibrated approach to tariffs. In his first term, Trump exempted sensitive products, such as those made by Apple. Expect similar exemptions now—perhaps for food and fuel. Markets for now appear sanguine.”
Figure 1: Change in Consumer Prices over 48 Months, Four Countries That Experienced Incumbent Electoral Losses
Source: Wall Street Journal
EURGBP TECHS: Bear Trend Extension
- RES 4: 0.8523 High Aug 22
- RES 3: 0.8499 61.8% retracement of the Aug 8 / Oct 18 bear leg
- RES 2: 0.8464 High Sep 11 and a key resistance
- RES 1: 0.8373/0.8448 50-day EMA / High Oct 31 and reversal trigger
- PRICE: 0.8323 @ 16:59 GMT Nov 12
- SUP 1: 0.8260 Low Nov 11
- SUP 2: 0.8250 Low Apr 14 ‘22
- SUP 3: 0.8203 Low Mar 7 2022 and a major support
- SUP 4: 0.8200 Round number support
EURGBP recovered Tuesday, bouncing off the fresh cycle low printed at the start of the week. Price has breached a key short-term support at 0.8295, the Oct 18 low. The move down confirms a resumption of the downtrend. Note that moving average studies remain in a bear-mode position, highlighting a dominant downtrend. Sights are on 0.8250, the Apr 14 2022 low. Key short-term resistance and a reversal trigger is at 0.8448, the Oct 31 high.
