FX.co ★ USD on defensive ahead of presidential election

EUR/USD showed a 0.1% uptick to trade at 1.1820. USD/JPY is trading mainly flat today hovering at near 104.80. Likewise, USD/CNY is trading firmly at 6.7110.

The upcoming election is making its impact on Forex. The crucial event is around the corner. No wonder, investors want to play safe, so popular currency pairs are trading sideways with ranges getting narrower. On the final week before the election, Democratic nominee Joe Biden is taking the lead in the latest polls, though with a small margin. Joe Biden has less tough stance on China than Donald Trump. Analysts at Nordea reckon that traders will lock in profits on USD/CNY.

GBP/USD is also trading sideways today at near 1.3023.

The Turkish lira is extending weakness. Today USD/TRY rose 0.7% and settled up at 8.1309. Analysts warn that the lira is set to plumb new depths, staying above 8.0 against the US dollar for long. Meanwhile, the Turkish regulator unveiled the plans to safeguard its national currency from a nosedive.

Today the US dollar could find support from a survey by the Conference Board. According to flash estimates, the consumer confidence index in the US is expected to grow to 102 points in October from 101.8 in September.