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FX Daily Snapshot USD fails to follow risk-off

Following a risk-off session in the US, Asia’s session has started off with Asian equities largely with a weak tone, while USD has pared back a bit of its gains vs G10 and most of EM amid a relatively quiet session in terms of news flow. In the US, the Senate confirmed Amy Coney Barrett to the Supreme Court ahead of next week’s election. Meanwhile, the government-sponsored clinical trial with Eli Lilly’s antibody therapy drug (in combination with remdesivir) will end after researchers determined that it is unlikely to help hospitalized patients with extreme COVID cases, though Eli Lilly plans to continue other trials with its drug for patients recently diagnosed and experiencing mild to moderate cases.

Day ahead: The data calendar is light today, with durable goods, Conf. Board consumer confidence, Richmond Fed mfg. index in the US. Central bank speakers include RBA’s Bullock & ECB’s Hernandez de Cos, and Q3 earnings releases continue in the US (e.g. Microsoft). This leaves FX tracking the broader moves in the external backdrop ahead of month-end later this week and the US election next week.

CAD: Monday’s broad risk off move has ended the short- term downtrend in USD/CAD, with the bullish trend reversal above 1.3156 clearing the way for a test of 1.3259 next. Additional resistance comes in at 1.3344, with support now located at 1.3178 and 1.3141.

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