Commonwealth Bank of Australia: If Harris wins, the US dollar may depreciate by 1%-2% this week

On November 4, the New Zealand dollar strengthened against the U.S. dollar in early trading due to possible position adjustments before the U.S. presidential election on Tuesday. The Commonwealth Bank of Australia’s (CBA) global economic and market research team said in a report that the US dollar is “likely to trade in a wide range this week” due to the election. The team said the dollar could climb if Trump leads in the early count of votes for in-person voting. Democratic voters, however, prefer to vote by mail or in person in advance, and those ballots take longer to count, the team said. As a result, the team said Trump’s lead could narrow or disappear later this week. The team added that if Harris wins, the dollar could depreciate by 1%-2% this week.