Greenback Firms Up With Georgia Election Under Microscope

DXY bounced off a fresh 33-month low and swung to a gain, with the runoff Senate races in Georgia under close scrutiny. They remain too close to call, as exit polls and early results showed just razor-thin leads for GOP candidates, but absentee ballots may be a game-changer here and betting markets flipped to favouring the Dems in anticipation of a "red mirage." Participants assess possible fiscal ramifications of the elections, while keeping an eye on updates on results.

• DXY sits at 89.54, 11 pips better off as we type. A move through Dec 31 high of 89.98 would bring Dec 21 high of 91.02 into view. Bears need a retreat under intraday low of 89.34 before targeting 89.23, the low print of Apr 17, 2018.
• WTI trades $0.20 better off, gold sits $5.40 lower at typing.
• Coming up in the U.S. today we have ADP employment change, factory orders, final durable goods orders and final Markit Services & Composite PMIs. The minutes from the most recent FOMC MonPol meeting are also due.