Collinson Forex Daily Market Commentary

Daily Market Commentary 

Markets await the outcome of the US Presidential Election, seemingly calmly, as equities rally and the US Dollar drifts lower. The RBA left rates unchanged, citing inflationary pressures that continue and government spending driving the high levels. The Fed also met today for their two-day meeting, which the result to be announced tomorrow. Markets are expecting a rate cut of 25 basis points from the Fed, but elections are consequential. The lower US Dollar helped push the EUR back above 1.0900, while the GBP regained 1.3000.

The fall in the reserve pushed the NZD back towards 0.6000, while the AUD rallied above 0.6600, supported by the RBA decision. Markets closely watch the US Presidential Elections roll in.