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Dollar in Demand With Polls Too Close to Call

FOREX

The greenback has rallied against all others, with the USD index bouncing sharply off overnight lows as markets respond to election results that remain too close to call. Vote counting in the key battleground states of Wisconsin, Michigan, Pennsylvania and Georgia remains underway, leaving markets acutely sensitive to headline risk at this point.

Trump's claim to victory in an impromptu speech this morning left little dent, despite the President's proposal to appeal to the Supreme Court in order to stop any more ballots being processed (although his Vice President talked down such action shortly afterwards). This leaves markets at a fractious juncture, with volatility high and price action sensitive.

The USD is stronger against all others in G10, with AUD, NZD and GBP in retreat. Global equity markets are mixed, but the e-mini S&P is holding on to decent gains.

Focus understandably remains on the continued trickle of election results, but ISM services data for October could draw some focus ahead of Friday's payrolls release.

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