Dollar on back foot as Trump trades unwind; Aussie wary before RBA
TOKYO - The dollar started Tuesday on the defensive as traders squared positions on the day of the U.S. presidential election, after recent polls dented some of the market bets on a victory for Republican Donald Trump.
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. The winner may not be known for days after Tuesday's vote, though Trump has already signaled that he will attempt to fight any defeat, as he did in 2020.against the greenback hovered close to Monday's record high, while those on the dollar-Mexican peso pair were at the highest since April 2020. Analysts and traders speculate China and Mexico would be among the hardest hits by any protectionist Trump policies.
On Thursday, the Federal Reserve is expected to cut rates by 25 basis points. Markets will focus on any clues that the U.S. central bank could skip a cut in December, after last week's monthly jobs report showed employers added far fewer jobs than economists had expected in October, raising questions over the degree of softness in the labour market.
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