Afternoon Market Update – 08/11/2016 – by Jaz Singh

Markets remain cautious this morning on this Presidential Election Day. Opinion polls show Clinton with a narrow lead over Trump, perhaps too tight for us to get a definitive result early Wednesday morning. Following upticks in global equities at the open yesterday the major indices have remained range bound for the past 24 hours. US stock futures point to a flat opening on the S&P500; yesterday broke a 9 day losing run for the index. Dollar strength has dampened this morning with the dollar index falling some 0.2 percent. The Mexican Peso, a proxy for the election, has remained relatively flat today as markets await the exit polls. USDMXN trades at 18.60, well off the highs of 19.50 we saw last week as Trump gained in the polls. Gold is up slightly for the day, just below $1,284.00 an ounce as a slight risk off sentiment persists. WTI remains unchanged currently trading at $44.90, despite data showing an increase in US inventories.