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

U.S. Dollar Advances On Election Uncertainty

11/02/2020 - 03:22:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts in the Asian session on Monday, as uncertainty over the U.S. Presidential election on Tuesday made investors cautious.

Democratic nominee Joe Biden is leading President Donald Trump by 10 points, 52%-42%, in a NBC News/Wall Street Journal poll published on Sunday.

Although Biden is holding a substantial lead nationally, tight races in battleground states are unnerving market participants.

Markets are concerned of the potential of a contested election, which could trigger political instability until a winner is eventually announced.

Rising COVID-19 cases across Europe and the U.S. and tightening restrictions are likely to have a negative impact on the economy.

In the U.K., Prime Minister Boris Johnson on Saturday announced a second lockdown in England in the wake of rapidly surging coronavirus infections.

Investors also await the Federal Open Market Committee meeting and jobs report due this week for more direction.

The greenback climbed to a 4-day high of 1.2894 against the pound, compared to last week's closing value of 1.2946. If the greenback rises further, 1.20 is possibly seen as its next resistance level.

The greenback appreciated to 1.1630 against the euro, its highest level since September 28. Next key resistance for the greenback is seen around the 1.13 area.

The greenback spiked up to near a 4-week high of 0.9178 against the franc from Friday's closing value of 0.9165. The greenback is seen facing resistance around the 0.95 level.

The greenback hit a 6-day high of 104.78 against the yen, compared to 104.65 hit late New York Friday. The next possible resistance for the currency is located near the 107.5 level.

The latest survey from Jibun Bank showed that Japan manufacturing sector continued to contract, albeit at a slower pace, with a manufacturing PMI score of 48.7.

That's up from 47.7 in September, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

The greenback rallied to a 3-1/2-month high of 0.6991 against the aussie. Versus the kiwi, the greenback approached near a 2-week high of 0.6591 and held steady afterwards. The currency is likely to find resistance around 0.65 against the aussie and 0.62 against the kiwi.

In contrast, the greenback pulled back to 1.3325 against the loonie, after rising to a 4-day high of 1.3370 at 6:45 pm ET. On the downside, 1.30 is seen as its next possible support level.

Looking ahead, PMI reports from major European economies are due in the European session.

U.S. ISM manufacturing PMI for October and construction spending for September are set for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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