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 market bets on a victory for Republican Donald Trump.
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 dollar index, which measures the currency against six major peers including the euro, was flat at 103.91 as of 0349 GMT, after slumping as low as 103.67 on Monday for the first time since Oct. 21. Last week it surged to the highest since the end of July at 104.63. The winner may not be known for days after Tuesday's vote, though Trump has already signalled that he will attempt to fight any defeat, as he did in 2020.
"While your guess is as good as ours about who will win, we're confident about the scenarios laid out recently: In short, a Trump win or Red wave are bullish for the USD; a Blue Wave will crater the USD," analysts at TD Securities said in a note."Somewhere in the middle lies a Harris victory."
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