US Dollar index remains weak as currency exchange markets stay concerned about the election winner

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.3025-1.3125

Euro                 1.5475-1.5575

Sterling            1.7100-1.7200

The US Dollar index is again marginally weaker this morning as markets continue to watch the US Presidential election move ever so slowly to a conclusion. It now looks almost certain that Biden will win and then the markets will brace themselves for the chaos that the Trump administration will try and unleash on the American public in an attempt to hold onto power. So far, most lawsuits have been dismissed without merit but Trump will continue to try and hang on in any way possible.

Yesterday saw the Federal Reserve keep their interest rate policy consistent but Chair Powell did indicate that there would be more stimulus needed as the virus lockdowns will have a further damaging effect on the economic well being of the country

The Canadian Dollar continues to perform strongly post election and USD.CAD opens the day at the 1.3080 (0.7645) level as it continues to react to developments South of the border. The Loonie did lose some of its strength against the other currencies as they continue to outperform the Loonie against the US Dollar.

In addition to election watching we get both the Canadian and US employment results from October out today. In Canada the market is expecting a jump in employment of 100K and a drop in the rate to 8.8% from 9.0%, in the US the market is looking at increase in employment of 600K and a rate of 7.7%. If both of these numbers come in as expected then they for the most part will be ignored as the election results will remain front and centre.