U.S. Dollar Falls Ahead Of U.S. Presidential Election
19:13, 3rd November 2024
(RTTNews) - 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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