U.S. Dollar Spikes Up Amid Tight Race Between Trump And Biden

The U.S. dollar appreciated against its major counterparts in the Asian session on Wednesday, as results from the U.S. Presidential election showed a tight race between Donald Trump and his Democratic rival Joe Biden in many battleground states.

Biden is currently leading the contest with 224 electoral votes, while Trump has secured 213.

Trump won the crucial states of Ohio, Texas and Florida and is leading in Georgia.

Hopes of a clean Democratic victory are diminishing, as Trump is performing much better than predictions.

The final result may be delayed as mail in ballots have to be counted.

ADP's private sector jobs report for October is due later in the day.

The U.S. economy is expected to have added 650,000 jobs during the month, following a gain of 749,000 jobs in September.

The greenback climbed to 1.2934 against the pound, from near a 2-week low of 1.3140 set at 7 pm ET. If the greenback rises further, 1.28 is seen as its next resistance level.

After falling to a 1-week low of 1.1771 at 7 pm ET, the greenback firmed to a 3-1/2-month high of 1.1603 versus the euro. Further rally may take the greenback to a resistance around the 1.15 area.

The greenback was up against the franc, at a 2-high of 0.9196. This followed a 6-day low of 0.9090 registered at 7 pm ET. The greenback is likely to target resistance around the 0.94 level.

The greenback approached 105.35 against the yen, its biggest level since October 21, and marked a 0.9 percent rise from a 5-day low of 104.37 seen at 7 pm ET. On the upside, 108.00 is possibly seen as its next resistance level.

Data from the Bank of Japan showed that Japan monetary base surged 16.3 percent on year in October - coming in at 601.284 trillion yen.

That follows the 14.3 percent jump in September.

The greenback jumped to 2-day highs of 1.3279 against the loonie and 0.6614 against the kiwi, recovering from a 2-week low of 1.3096 and a 1-1/2-month low of 0.6744, respectively seen in previous deals. The next possible resistance for the greenback is seen around 1.35 against the loonie and 0.645 against the kiwi.

The U.S. reached as high as 0.7049 against the aussie, rebounding from more than a 3-week low of 0.7221 hit at 7:10 pm ET. Next key resistance for the greenback is possibly located near the 0.68 level.

Data from the Australian Bureau of Statistics showed that Australia retail sales fell a seasonally adjusted 1.1 percent on month in September - coming in at A$29.157 billion.

That beat forecasts for a decline of 1.5 percent following the 4.0 percent drop in August.

Looking ahead, PMI reports from major European economies and Eurozone PPI for September are due in the European session.

At 8:15 am ET, ADP private sector employment data for October is scheduled for release.

U.S. and Canadian trade data for September, ISM non-manufacturing composite index and Markit's U.S. final services PMI for October are set for release in the New York session.

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