US recap: EUR/USD touches two-week high as dollar slumps
Nov 4 (Reuters) -The U.S. dollar index was on pace for its biggest drop in two months on Monday as Treasury yields fell and investors trimmed positions in the Trump trade ahead of Tuesday’s U.S. presidential election.
The position pruning was triggered after a weekend polls showed U.S. Democratic presidential candidate Kamala Harris had surpassed Republican Donald Trump in a new poll in Iowa.
U.S. data showed auto sales improved in October. Focus later this week is on the FOMC policy decision.
The euro touched a two-week high after HCOB's final euro zone manufacturing PMI index for October increased to 46.0, another sign growth in the region may be stabilizing.
The strength of Germany's three-way ruling coalition will be tested Wednesday when the cabinet discusses an array of economic measures.
The pound lagged most of its major peers as traders awaited an expected Bank of England rate cut Thursday.
Oil prices climbed more than 2% on OPEC+'s decision to delay plans to increase output by a month.
Treasury yields were down 2 to 6 basis points as the curve flattened. The 2s-10s curve was down about 4 basis points to +13.4bp.
The S&P 500 slipped 0.06% amid weakness in financial shares.
Gold prices were marginally higher ahead of Tuesday's U.S. election.
Copper rose 1.3% amid a broadly weaker dollar.
Heading toward the close: EUR/USD +0.49%, USD/JPY -0.58%, GBP/USD +0.24%, AUD/USD +0.43%, DXY -0.42%, EUR/JPY -0.08%, GBP/JPY -0.34%, AUD/JPY -0.09%.
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Editing by Burton Frierson
Reporting by Robert Fullem
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