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DXY Waits For Trump & Biden To Cross Swords

DOLLAR
DXY sits -6 pips at 93.83 as we are counting down minutes to the first U.S. presidential debate of this election cycle. The index hovers just above yesterday's low, following two consecutive days of losses.
  • We flagged the formation of an inverted head & shoulders reversal in the DXY after the index closed above the neckline last week. Subsequent gains allowed it to have a look above descending channel top, but the index failed to hold above there. Bears need a fall through the 50-DMA at 93.33 and Sep 10 low of 92.70 to turn the tide and assume control. Bull look for a renewed push higher, above Sep 25 high of 94.74 and towards the 100-DMA at 95.42.
  • According to the official agenda, the pair of presidential candidates will spar over topics including their own records, the Supreme Court, Covid-19, the economy, race and violence in U.S. cities and the integrity of the election, but controversies surrounding the POTUS' tax returns will certainly raise the temperature of the debate.- House Speaker Pelosi and Tsy Sec Mnuchin discussed the latest fiscal proposal prepared by the Democrats and worth as much as $2.2tn. There has been no sign of bridging the crucial gap re: size of the package, with the White House happy to back at most $1.5tn of spending. Electoral dynamics continue to affect negotiations, with House Democrats ready to vote on the package without Republican support, should there be no breakthrough this week, in order to use their voting record for campaign purposes. Although the presidential race steals the limelight, the Election Day will see citizens elect a new House of Representatives and 35/100 Senators.
  • On Covid-19 front, Covid-19 testing positivity ratio and hospitalisation figures elsewhere provided some interest on Tuesday.
  • At typing, WTI trades ~$0.30 lower & gold sits ~1.40 worse off.
  • U.S. data releases coming up today include domestic GDP figures (t), MNI Chicago PMI and ADP employment change. Fed's Kashkari, Bowman and Bullard are set to speak.
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