Dollar Weakens Amid Tight U.S. Election Race and rate cuts

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Dollar Weakens Amid Tight U.S. Election Race and Upcoming Fed Decision

The U.S. dollar dropped as the latest polls indicate no clear leader in the presidential race, reducing bets on a Trump victory. Treasury futures rose, reflecting cautious investor sentiment amid the uncertainty.

Citigroup strategists suggest that a Trump victory could see the dollar rally by 3%, while a Harris victory could result in a 2% decline. This highlights the significant impact the election outcome could have on the USD. Meanwhile, the Fed is expected to announce a 25-basis point rate cut, adding to market volatility already heightened by the election.

Traders are keeping a close eye on early results from swing states like Michigan and Pennsylvania for insights into the potential election outcome and its implications for the financial markets.
Source: Information derived from Bloomberg

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