U.S. Dollar Climbs After Final U.S. Presidential Debate
October 19 2016 - 11:50PM
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The U.S. dollar strengthened against its major counterparts in
pre-European trading on Thursday, after polls pointed that
Democratic nominee Hillary Clinton has emerged as the winner in the
third and final debate held Wednesday night at the University of
Nevada, Las Vegas.
According to the CNN/ORC poll, Clinton won the 90-minute debate
with a 52 percent score, versus 39 percent for her Republican
challenger, Donald Trump.
Thus, Clinton defeated Trump in all three televised debates by
the CNN poll.
Squaring off against former Secretary of State, Trump said he
might not accept the election result. Election Day is November
8.
During the debate, Trump and Clinton confronted on issues over
the Supreme Court, abortion policies and immigration, and other
topics.
Asian stocks are mostly higher, as strong U.S. earnings and
rallying oil prices helped improve investors' appetite for risk.
Investors gear up for the European Central Bank decision later in
the day to see how the ECB plans to continue its QE program,
scheduled to end in March 2017.
The currency has trading in a positive territory in the Asian
session.
The greenback advanced to 1.0952 against the euro, its strongest
since July 25. The greenback is likely to find resistance around
the 1.08 zone.
Figures from Destatis showed that Germany's producer prices
declined at a faster-than-expected pace in September.
The producer price index fell 1.4 percent year-over-year in
September, exceeding economists' forecast for a decrease of 1.2
percent. However, it was slower than the 1.6 percent drop in
August.
Reversing from an early low of 1.2298 against the pound, the
greenback edged up to 1.2263. If the greenback extends rise, 1.20
is likely seen as its next upside target level.
The greenback climbed to a 2-day high of 0.9909 against the
Swiss franc, compared to Wednesday's closing value of 0.9889.
Continuation of the greenback's uptrend may see it finding
resistance around the 1.02 mark.
Data from the State Secretariat for Economic Affairs showed that
Switzerland's trade surplus increased in the third quarter.
The trade surplus rose to CHF 10.2 billion from CHF 9.5 billion
in second quarter.
The greenback reached as high as 103.78 against the Japanese
yen, off its prior low of 103.34. The next possible resistance for
the greenback-yen pair is seen around the 105.00 area.
The greenback spiked up to a 3-day high of 1.3173 against the
loonie and a 2-day high of 0.7655 against the aussie, moving off
from its previous low of 1.3106 and 2-month low low of 0.7734,
respectively. The greenback is poised to challenge resistance
around 0.745 against the aussie and 1.34 against the loonie.
Recovering from an early more than a 2-week low of 0.7266
against the kiwi, the greenback edged up to 0.7208. On the upside,
0.74 is possibly seen as the next level for the greenback.
Looking ahead, Eurozone current account data for August and U.K.
retail sales data for September are slated for release shortly.
The European Central bank will announce its interest rate
decision at 7:45 am ET. The bank is forecast to keep its refi rate
at zero percent and the deposit rate at -0.4 percent.
Following the announcement, European Central Bank President
Mario Draghi will hold the customary post-meeting press
conference.
In the New York session, U.S. weekly jobless claims for the week
ended October 15, U.S. existing home sales data and leading
indicators for September and U.S. Philly Fed manufacturing index
for October are set to be published.
At 8:00 am ET, Bank of England Deputy Governor Nemat Shafik is
expected to participate in a panel discussion about reform in the
financial services industry at the Federal Bank of New York's
conference.
At 8:30 am ET, Federal Reserve Bank of New York President
William Dudley is scheduled to give welcome remarks at a conference
entitled "Reforming Culture and Behavior in the Financial Services
Industry: Expanding the Dialogue", in New York.
European Union leaders summit is due to be held in Brussels,
later in the day.
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