The US Dollar bounced back after Friday’s slide in the wake of the controversial FBI report which painted Democratic presidential nominee Hillary Clinton in a bad light. It has since come to be known that the report had, in fact, very little to do with the nominee and that even its release was called into question by government authorities, including the US Department of Justice. A win for Mrs. Clinton would likely be very Dollar positive and, analysts say, could open the doors to an interest rate hike by the Federal Reserve. A win by the Republican nominee could markedly increase safe haven demand, especially for the Japanese Yen.
As reported at 10:42 am (BST) in London, the EUR/USD was trading at $1.095, down 0.28%; the pair has ranged from $1.0948 to $1.0992 in today’s trading. The GBP/USD was lower by 0.19% to trade at $1.2163; the session trough was at $1.2141 while the high was at $1.2214. The US Dollar Index was at 98.53 .DXY, up 0.20%.
Dollar Closing October Higher
The US Dollar is poised to record a monthly gain of around 0.3% versus the Euro, even in spite of last week’s record taking. The Dollar Index is thus far up about 3.2% for the month of October, sitting slightly below last week’s 9-month peak at 99.119 .DXY. Economic data will most likely by the prime driver of the Dollar, and last week’s upbeat growth readings had helped push the greenback higher. Ahead, markets will look to the Fed’s policy decision to be rendered on Wednesday; though analysts expect it to maintain the status quo, the Fed could provide clues to the timing of the next rate adjustment.
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