Dollar extends decline as stocks push higher on the session

Technical Analysis

What’s that about election jitters again?

The market is seemingly less worried about a tightly contested election for the time being as we see the dollar sold off in European morning trade, while stocks are feeling rather comfortable with European indices pushing near 2% gains now.

US futures are also trading up by over 1% currently while 10-year Treasury yields just hit a five-month high of 0.879%, up by over 3 bps on the day.

The overall mood on the session is weighing on the dollar and yen as we see both currencies dragged lower with AUD/USD up by over 1% now to 0.7132 and contesting its 100-day moving average @ 0.7117.

Elsewhere, GBP/USD is also nudging higher to near 1.3000 and a test of its 200-hour moving average with offers also layered at the figure level for now.

This time around though, the market may also be gearing itself up for a ‘blue wave’ outcome but we’ll see once we get into the count later in the night.

Articles You May Like

Breaking: Canada CPI rose 1.9% YoY in January
Video: How everything could go right for the Canadian dollar
RBA poised to trim interest rate by 25 bps as inflation pressures ease
Rivian beats Wall Street’s fourth-quarter expectations, but expects lower deliveries in 2025
Breaking: RBNZ cuts interest rate by 50 bps to 3.75%, as expected

Leave a Reply

Your email address will not be published. Required fields are marked *