U.S. Dollar Falls Ahead Of U.S. Presidential Election
November 03 2024 - 7:13PM
RTTF2
The U.S. dollar weakened against other major currencies in the
Asian session on Monday, as traders remain cautious amid the
uncertainty over the U.S. election outcome, lingering geopolitical
tensions in the Middle East and the U.S. Fed's monetary policy
announcement later in the week.
The rising odds of Kamala Harris winning the U.S. presidential
election due on Tuesday, also led to the downward pressure of the
currency.
Meanwhile, data showing weaker than expected U.S. job growth in
October renewed optimism over the outlook for interest rates.
Crude oil prices climbed higher amid expectations of increased
demand from the U.S. and a likely delay in OPEC's planned output
increase from December. West Texas Intermediate Crude oil futures
for December ended higher by $0.65 or 0.95 percent at $69.26 a
barrel.
In the Asian trading today, the U.S. dollar fell to a 5-day low
of 1.2999 against the pound, nearly a 2-week low of 151.60 against
the yen and nearly a 3-week low of 1.0905 against the euro, from
Friday's closing quotes of 1.2926, 152.98 and 1.0834, respectively.
If the greenback extends its downtrend, it is likely to find
support around 1.31 against the pound, 148.00 against the yen and
1.10 against the euro.
The greenback edged down to 0.8642 against the Swiss franc, from
Friday's closing value of 0.8699. On the downside, 0.85 is seen as
the next support level for the greenback.
Against Australia, the New Zealand and the Canadian dollars, the
greenback slid to a 1-week low of 0.6620, nearly a 2-week low of
0.6016 and a 4-day low of 1.3892 from last week's closing quotes of
0.6559, 0.5963 and 1.3950, respectively. The next possible downside
target for the greenback is seen around 0.67 against the aussie,
0.61 against the kiwi and 1.37 against the loonie.
Looking ahead, Eurozone HCOB Eurozone manufacturing PMI for
October and Sentix investor confidence for November are set to be
released in the European session.
In the New York session, U.S. factory orders for September and
total vehicle sales data for October are slated for release.
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