US dollar faces election uncertainty as polls open, Currencies Direct says
- The US dollar faced selling pressure as falling oil prices reduced safe-haven demand; stronger-than-expected ISM manufacturing growth tempered losses.
- Global oil prices tumbled over 6% on Monday amid Middle East diplomatic hopes, weighing on the Canadian dollar.
- Sterling gained broad support as UK 10-year gilt yields fell to their lowest levels since early September.
- The euro rallied on Monday, supported by its strong negative correlation with the US dollar.
- Australia's dollar retreated overnight following the Reserve Bank of Australia's split decision to raise interest rates with dovish guidance.
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