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Forex News: U.S. Dollar Strengthens As Trump Leads In Polls

U.S. Dollar Strengthens As Trump Leads In Polls

10/21/2024 - 13:24:00 (RTTNews)

(RTTNews) - The U.S. dollar firmed against its major counterparts in the New York session on Monday, amid rising odds of former President Donald Trump winning the November election.

Recent polls indicated Trump leading US Vice President and Democratic candidate Kamala Harris in key battleground states.

Expectations that the Federal Reserve will deliver smaller rate cuts also boosted the dollar.

Dallas Fed President Logan said that she supported gradual rate cuts to help manage the risks and accomplish the goals.

On the economic front, flash PMI numbers on the U.S. manufacturing and the services sectors, durable goods orders, housing market data, the Federal Reserve's Beige Book on regional economic activity and speeches by several Fed officials may influence investor sentiment.

The greenback touched 1.2978 against the pound, setting a 4-day high. If the greenback rises further, it is likely to test resistance around the 1.26 region.

The greenback rose to a 4-day high of 1.0819 against the euro and a 2-1/2-month high of 150.49 against the yen, from an early 4-day low of 1.0871 and a 5-day low of 149.08, respectively. The currency is poised to challenge resistance around 1.06 against the euro and 152.00 against the yen.

The greenback recovered to 0.8660 against the franc, from an early 4-day low of 0.8633. The currency is likely to locate resistance around the 0.90 level.

The greenback advanced to 1.3849 against the loonie, its highest level since August 6. Immediate resistance for the currency is seen around the 1.40 level.

The greenback firmed to near a 6-week high of 0.6654 against the aussie and more than a 2-month high of 0.6028 against the kiwi, from an early 6-day low of 0.6723 and a 5-day low of 0.6084, respectively. The next possible resistance for the greenback is seen around 0.64 against the aussie and 0.58 against the kiwi.

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