• DXY extends selloff to 93.20.
  • Joe Biden leads in US elections.
  • Initial Claims, FOMC in focus

US Dollar index (DXY) pares some of Wednesday’s gains trading towards 93.00 .

FOMC & data in focus

The US Dollar trades with a softer tone early in the European session as vote counting continues following Tuesday’s elections. Democrat candidate Joe Biden is ahead in the race to the White House.

Risk sentiment picked up putting pressure on the greenback.and overshadowing concerns over rising covid cases and their impact on  global growth.

Attention now turns to the FOMC meeting and weekly Initial Claims and Challenger Job Cuts.