North American Summary and Highlights 4 November
Overview - In a quiet day the USD was a little softer in Europe but recovered in North America. CHF had a strong day.
North American session
In a session with little news the USD saw modest gains, EUR/USD slipping back to 1.0880 from 1.09 and USD/JPY rising to 152 from 151.50. The USD may have been supported by betting odds correcting a boost to Kamala Harris’ prospects for an election win after a widely watched poll showed her surprisingly ahead in Iowa. There was not much movement in GBP but EUR/CHF losses extended to .94. AUD was marginally weaker but CAD little changed.
European morning session
The USD was generally a little softer through the European morning, with USD/JPY dropping around 40 pips to 151.75 and EUR/USD gaining around 10 pips to 1.09. The CHF also performed well, with EUR/CHF dropping 15 pips to 0.9415. But GBP fell back, with GBP/USD down 40 pips from the open to 1.2950. AUD/USD and USD/CAD were both little changed, and the scandis were steady against the EUR.
There was no data of any note and no obvious trigger for GBP weakness, although UK yields did edge a little lower ahead of the BoE meeting later in the week.