Dollar Slips Against Major Counterparts Ahead Of US Presidential Election
2024-11-05
2203
(fxcue news) - The U.S. dollar shed ground on Monday with traders unwinding some long positions ahead of the presidential election. Traders are also eying the Federal Reserve's monetary policy announcement, due on Thursday.
The rising odds of Kamala Harris winning the U.S. presidential election due on Tuesday, also led to the downward pressure of the currency.
The dollar index dropped to a nine-day low to 103.58 in the European session, but pared some losses as the day progressed, and was at 103.91 a little while ago, down 0.36% from the previous close.
Against the Euro, the dollar was down at 1.0875, easing from 1.0835 a unit of the European currency. Against Pound Sterling, the dollar was down marginally at $1.2954.
The dollar weakened against the Japanese currency to 152.17 yen a unit, from 152.99 yen. Against the Aussie, the dollar was down nearly 0.4% at 0.6585.
The Swiss franc strengthened to 0.8644 against the greenback, firming from 0.8700. The Loonie firmed to 1.3903 a dollar, from 1.3961, as oil prices rose sharply after OPEC+ decided to delay output increase plans.
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