The US Dollar price action is rather muted as the US heads to the voting booths on Tuesday.
Traders brace for volatility as it could take days or weeks to know who will be the next US president in case of a very tight result.
The US Dollar index trades just below 104.00 and hangs onto important technical support.
The US Dollar (USD) steadies on Tuesday, with the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trading just below 104.00 and hanging onto important technical support as markets brace for the US presidential election. Chances that markets will know if either Vice President Kamala Harris or former US President Donald Trump will claim victory by Wednesday look rather slim. No less than 165 lawsuits have already been filed on election fraud and recount requests even before the voting has started.
This could mean that this 60th presidential election could surpass the 46 days of legal uncertainty last seen when George W. Bush won in 2000. Only a landslide victory by several points could avoid a legal battle that would plunge markets into uncertainty going into year-end.
The US economic calendar includes the final readings of the S&P Global and the Institute for Supply Management (ISM) Services Purchase Managers Index (PMI) for October. No real changes are expected from preliminary readings.
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