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Forex News: Dollar Down On U.S. Election Uncertainty

Dollar Down On U.S. Election Uncertainty

10/27/2020 - 10:43:00 (RTTNews)

(RTTNews) - The U.S. dollar depreciated against its major rivals in the European session on Tuesday amid widespread uncertainty over the outcome of the U.S. Presidential election in Washington.

Although opinion polls are projecting a solid lead for Democratic candidate Joe Biden nationally, the margins are tight in the most important swing states.

If the election's outcome is uncertain, that would further delay another round of financial aid to support the economy.

Signs of a close election added to worries about the coronavirus pandemic and receding hopes of stimulus.

Data from the Commerce Department showed that new orders for U.S. manufactured durable goods jumped much more than expected in September.

The report said durable goods orders surged up by 1.9 percent in September after rising by rising by 0.4 percent in August. Economists had expected durable goods orders to increase by 0.5 percent.

The greenback fell to 1.3059 against the pound and 1.1839 against the euro, from its early high of 1.3001 and a 4-day high of 1.1796, respectively. The greenback is seen finding support around 1.33 against the pound and 1.20 against the euro.

The greenback slipped to a 4-day low of 104.56 against the yen from yesterday's closing value of 104.83. The greenback is likely to challenge support around the 101.00 region, if it drops again.

After rising to a weekly high of 0.9098 at 6:35 am ET, the greenback eased off to 0.9064 against the franc. Next key support for the greenback is seen around the 0.88 level.

The greenback declined to 0.6713 against the kiwi, its lowest level since September 21. The next possible support for the greenback is seen around the 0.70 level.

Data from Statistics New Zealand showed that New Zealand had a merchandise trade deficit of NZ$1.0 billion in September - following the NZ$353 million shortfall in August.

Imports were down NZ$643 million or 11.0 percent on year to NZ$5.0 billion, while exports sank NZ$350 million or 8.0 percent to NZ$4.0 billion.

The greenback reversed from an early high of 1.3212 against the loonie, with the pair trading at 1.3157. The currency may challenge support around the 1.30 mark.

The U.S. currency was trading at 0.7126 against the aussie, down from a high of 0.7113 set at 5:30 pm ET. Should the currency falls further, it is likely to face support around the 0.73 region.

Reserve Bank of Australia Assistant Governor Michele Bullock said Australia's economic recovery is likely to be unpredictable and uneven.

She cautioned about rising business insolvencies and problems for some households in servicing their debts amid uncertain recovery.

For comments and feedback: contact editorial@rttnews.com

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