Dollar on back foot as Trump trades unwind; Aussie wary before RBA
Democrat Kamala Harris has also experienced improving odds on election gambling sites and has a slight lead on PredictIt, although Polymarket continues to show Trump as favourite.
The U.S. currency slumped as much as 0.76% against the euro overnight to a three-week trough after a weekend opinion poll showed Harris with a surprise lead in Iowa, a traditional Republican stronghold. Overall, however, polls continue to show a tight race.
Meanwhile, the Australian dollar hovered not far from a nearly three-month low, with the Reserve Bank of Australia widely expected to hold policy steady later in the day. The main focus for traders though will be on any hints on the timing of an interest rate cut.
Financial markets in recent weeks had leaned strongly in favour of a win for Trump — whose tariff and immigration policies are considered inflationary by analysts — amid a climb in odds on some betting platforms.
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