- The US dollar remains on offer and reaches a month high at 0.9200
- The dollar is recovering for the sixth day in a row amid the uncertainty of the US elections.
The dollar has extended its uptrend against the Swiss franc, driven by the overall strength of the USD on Monday, to appreciate nearly 0.5% so far today and hit levels above 0.9200 for the first time in a month.
Uncertainty in US elections boosts the dollar
The dollar is undergoing an impressive six-day rally against the Swiss with investors cutting their positions, wary of a contested election in the U.S. The market’s cautious mood ahead of election day has been reflected in a strength generalization of the US dollar, which has pushed the US dollar index to one-month highs.
The market anticipates a Joe Biden victory, which could undermine the strength of the US dollar, assuming the Democrats will pass a large stimulus package. Investors are skeptical of the polls, however, following the failure to predict Trump’s victory four years ago, which is sinking demand for risk assets.
Credits: Forex Street
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