Premarket: U.S. dollar slips, stocks flat ahead of neck-and-neck U.S. election

The dollar fell and stocks struggled on Monday as investors trod carefully ahead of a U.S. presidential election of great consequence for the global economy, with a U.S. Federal Reserve interest rate cut also expected later in the week.

Trump’s policies on immigration, tax cuts and tariffs may put upward pressure on inflation, bond yields and the dollar, analysts believe, while Harris is seen as the continuity candidate.The dollar slid against a host of European and Asian currencies, losing 0.6% against the euro to $1.090. It also tracked down 0.6% against the Japanese yen to 152.11 and 0.5% against China’s yuan in the onshore market .

“Tomorrow will shape the direction of the world economy and geopolitics for the next four years,” Deutsche Bank analysts wrote. “The election and uncertainty over the future fiscal path also support arguments for caution in recalibrating monetary policy.”

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