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Trump leads in election polls
Fed officials' comments and Trumps lead push the dollar towards 2-month highs
US futures were flat ahead of earnings reports from major banks, with Nvidia hitting a record high.
The yen neared 150 per dollar due to a dovish tone from BoJ and opposition to rate hikes.
Shifting market bets caused the pound to drop over 2% against the dollar this month.
Election update
Polls released on October 13, shows former President Donald Trump gaining a narrow lead over Vice President Kamala Harris in crucial battleground states.
Trump has secured 48% of voter support, while Harris holds 46%, giving him a narrow two-point lead that could be crucial in determining the outcome of the 2024 presidential election.
The pound
The pound traded at $1.3075 following British labor market data revealing the slowest wage growth in over two years for the three months leading up to August. This slower pace is expected to give the Bank of England room to reduce interest rates next month.
Earlier this year, the pound had outperformed due to expectations that persistent inflation would lead the BoE to adopt a more gradual approach to rate cuts compared to the Federal Reserve and the European Central Bank.
However, shifting market bets have recently weighed on the currency, causing it to drop over 2% against the dollar this month.
The yen
The strengthening U.S. dollar has driven the yen closer to 150 per dollar, influenced by a dovish shift in tone from Bank of Japan Governor Kazuo Ueda and unexpected opposition to additional rate hikes from newly appointed Prime Minister Shigeru Ishiba.
The USD/JPY pair was last seen trading near 149.23 while the USD was close to 103.157.
US Futures
The S&P 500 hovered close to its overnight record high 5870, while futures where flat ahead of key earning reports from Bank of America, Goldman Sachs and other major Wall Street banks.
Meanwhile, Nvidia shares hit a new all-time high, pushing the AI chipmaker's market capitalization closer to that of Apple the world’s most valuable company.
