First U.S. Presidential Debate Takeaways 

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    September, 2020

     President Donald Trump and Democratic Challenger former Vice President Joe Biden met in Cleveland on Tuesday for the first of three debates ahead of the Nov. 3 election. 

    In the proceedings of the debate, Trump used the same tactic of “interrupting” that he uses in the White House briefing room. 

    During the discussion about the Supreme Court and the Affordable Care Act, Trump repeatedly interrupted over Biden’s talk and the Fox News host Chris Wallace. 

    Wallace tried to interrupt at the same time pleading both parties for clarity. 

    “Please let the vice president talk,” Wallace said to President Trump during one of his interruptions after making clear that he was the moderator. “Will you shut up, man?” Bidden said to Trump. 

    Bidden said the president was more concerned with the economy and stock market than he was with stopping the spread of the virus.  

    “He panicked or he looked at the stock market,” Biden said to Trump, who pushed to reopen their economies belittled the threat of COVID-19. 

    “You’re the worst president America has ever had,” Biden said. 

    Trump defended his approach on the pandemic, which has killed more than 200,00 people in the U.S. and put millions of U.S. Citizens out of work. 

    “We’ve done a great job,” Trump said. “But I tell you, Joe, you could never have done the job we’ve done. You don’t have it in your blood.” 

    In the national opinion polls, Biden already held a consistent lead over Trump although other surveys suggest a closer contest. 

    Trump also defends his effort to swiftly fill a U.S. Supreme court, saying “elections have consequences” and he had the right despite Democratic objections. 

    “I will tell you very simple we won the election, elections have consequences. We have the Senate and we have the White House and we have a phenomenal nominee respected by all,” Trump said in defense of his nominee, conservative Judge Amy Coney Barrett. 

    However, Biden insisted to wait and see on the outcome of the election, adding that a more conservative Supreme Court would endanger the Affordable Care Act known as Obamacare. 

    Trump is moving quickly to fill Ginsburg’s seat in hopes of acquiring a 6-3 conservative majority on the court, a key priority for social conservatives.  

    Trump and Biden were debating a plethora of political challenges that includes the pandemic that has killed more than 200,000 people in the United States and put millions of Americans out of work, protests racial justice, as well as the battle over Supreme Court. 

    Hours before the debate, Biden released his 2019 tax returns and urged Trump to do the same. However, Trump sought to keep his personal financial records secret. 

    New York Times reported that Trump paid just $750 in federal income taxes in 2016 and 2017 and none in 10 of the previous 15 years – following years of reporting steep losses from business enterprises. 

    Biden’s taxes showed that he and his wife Jill paid more than $346,000 in federal taxes and other payments for 2019 on an income of nearly $985,000 before seeking a refund of nearly $47,000 they said they had overpaid the government.  

     TECHNICAL OUTLOOK 

     

     

     

    In the daily charts of GBP/USD, the pair opened at 1.2856 on Wednesday morning Sydney Session.  

    The sterling bagged gains since the opening of the market on Monday in alignment to a possible outlook of Brexit concerns. Speculations of a trade agreement to be settled before the Oct. 15 deadline boosted the sterling’s outlook. 

    We can see that the price bounced from the support level at 1.27129 on Friday last week and inched higher til Tuesday.  

    However, the strength in the Sterling seems to be short-lived as it inched lower after the U.S. Presidential debates between President Trump and former Vice-President Joe Biden. Further confirmation for the decline of the sterling is being eyed by sterling bears especially when it touches the support level once again. 

    The possibility of the sterling heading lower against the U.S. dollar may depend on the upcoming Fed speech and GDP data releases later in the day. 

     

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