Mumbai, 05 Nov (Commoditiescontrol): Global markets remained steady on Tuesday as investors awaited the outcome of the U.S. presidential election, with polling showing a tight contest between Republican Donald Trump and Democrat Kamala Harris. Currencies and bonds held a cautious tone as uncertainty loomed over potential policy changes.
Oil prices maintained gains, with Brent crude steady at $75.08 per barrel after a 3% increase on Monday, spurred by delays in output hikes from major producers.
Across Asia, the MSCI Asia-Pacific index outside Japan was unchanged, while Tokyo’s Nikkei gained 1.3% in its first session post-holiday. In the U.S., S&P 500 futures inched up 0.1%.
The dollar held its recent position, trading at 152.35 yen and $1.0875 per euro, as traders finalized their pre-election positions. Strategist suggest that the dollar could strengthen under Trump but may face slight downward pressure if Harris wins.
The election follows a highly charged campaign season. Analysts at J.P. Morgan framed the choice as one between “stability” under Harris or “policy shifts” under Trump, whose approach to trade has raised inflation concerns and risks to global trade.
The Chinese yuan, sensitive to tariff policies, traded cautiously at 7.1065 per dollar. Other currencies were also steady, while the Australian dollar hovered at $0.6590 ahead of the Reserve Bank of Australia’s upcoming rate decision.
Citi currency strategists outlined potential moves for traders, recommending buying AUD/USD if Harris wins, while favoring USD against EUR, SEK, and NOK in case of a Trump victory.
U.S. Treasury yields held at 4.30%, and Bitcoin was stable at $67,924, seen as potentially benefiting from lighter regulation under a Trump administration.
As results from key battleground states like Pennsylvania, Georgia, and Michigan start to come in, investors are bracing for potential delays. Trump has hinted he may contest the outcome if defeated, suggesting market tension could extend in the days to come.
(By Commoditiescontrol Bureau: 09820130172)
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