Dollar droops on election day after 'Trump trade' unwind

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Dollar droops on election day after 'Trump trade' unwind - Channel News Asia

Quick Summary:

TOKYO : The dollar softened on Tuesday as traders squared positions on the day of the U.S.presidential election, after recent polls dented some market bets on a victory for Republican Donald Trump.

"Our central case is that the RBA's first cut will not arrive until Q2 2025, but we see an increasing risk that it takes even longer for cuts to be delivered, or that the RBA misses the easing phase altogether," HSBC's chief economist for Australia and New Zealand, Paul Bloxham, wrote in a note.

The dollar index, which measures the currency against six major peers including the euro, edged down slightly to 103.89 as of 0618 GMT, after slumping as low as 103.67 on Monday for the first time since Oct.21.