The market seems to be reacting to the latest ABC News and Washington Post national election poll, which shows Kamala Harris extending her lead over Donald Trump.
We had seen plenty of dollar bullishness due to momentum favoring Trump, given his promises of tariffs and domestic tax cuts.
We expect continued volatility leading up to the November election, with updates being closely monitored.
Oil prices have tumbled following Israel’s strikes on Iran, which avoided crude facilities. This has led to a de-escalation of tensions in the Middle East.
The euro has refocused on the positives after Moody’s downgrade of France, turning attention toward Friday’s economic data and a less dovish ECB stance. Over in Japan, uncertainty has increased after the ruling coalition failed to secure a majority in parliament for the first time since 2009.
Looking ahead, we have Canada’s wholesale sales data, the Dallas Fed manufacturing report, and a speech from ECB’s Gino (Dall’Asta).
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