The U.S. dollar exhibited strength against its major peers on Monday following recent polls suggesting that former President Donald Trump is likely to win the upcoming Presidential election.
Recent surveys indicate that Trump is ahead of Vice President and Democratic nominee Kamala Harris in several pivotal battleground states.
The dollar also gained traction amid speculation that the Federal Reserve will take a more cautious approach to rate cuts. Dallas Fed President Logan expressed her support for gradual rate cuts to mitigate risks and achieve the Fed’s objectives.
Today’s report from the Conference Board highlighted a larger-than-expected decline in leading U.S. economic indicators for September.
The report noted that the leading economic index dropped by 0.5% in September, following a revised decrease of 0.3% in August.
Economists had predicted a 0.3% decline in the leading economic index, compared to the originally reported 0.2% drop for the previous month.
Investors are anticipating a stable PMI reading on U.S. manufacturing and service sector activities, along with a series of speeches from Fed officials this week.
The dollar index increased to 104.02, marking a rise of approximately 0.5%.
Against the Euro, the dollar strengthened to 1.0818 from 1.0869. When compared to Pound Sterling, the dollar improved to 1.2985 from 1.3051.
The Japanese Yen depreciated to 150.78 against the dollar. The Australian dollar weakened slightly to US$0.6659, down from US$0.6659.
The dollar also appreciated against the Swiss franc, trading at CHF 0.8660, and strengthened against the Canadian dollar as well, reaching C$ 1.3833.
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