The dollar fell on Monday in Asia as investors prepared for a possible pivot this week for the global economy, as the United States chooses a new leader and is likely to cut interest rates again, with major implications for bond yields.

The dollar fell slightly on Monday after a poll showing Democrat Kamala Harris taking a surprise lead in Iowa. Harris and Trump remain virtually even in opinion polls and the winner may not be known until several days after the election ends on Tuesday. “The view on the dollar is that it has room for improvement thanks to a clear election result,” Bob Savage, head of strategy and market analysis at BNY, said in a note to clients

Aussie gained 0.7% to $0.6603, moving away from last week's low of $0.6534. It is now facing strong resistance at the 200-day moving average of $0.6627

The New Zealand dollar rose 0.0% to $0.5997, just above its recent low of $0.5940. The resistance is at $0.6000/6010

The Australian dollar is stagnant at a three-month low due to mixed inflation data. Trump's tariffs, if passed, could also lead to a global trade war that would likely be harmful to the antipodes, which rely heavily on

The euro continued to rise at the start of the session to reach 0.6% at 1.0901 dollars and seems ready to test the resistance around 1.0905 dollars. The dollar fell by 0.9% on the yen to 151.60 and threatened support at 151.45. The dollar index fell by 0.3% to 103.63

On Monday morning, the British pound regained some of its losses to $1.2994, far from last week's low of $1.2841. The Bank of England will also meet on Thursday and is expected to cut rates by 25 basis points, while Riksbank is expected to relax rates by 50 basis points and Norges Bank is expected to maintain the status quo. The Reserve Bank of Australia will hold its meeting on Tuesday and is expected to keep rates stable again.

The Indian rupee is expected to open higher on Monday, due to a fall in the US dollar and a probable outcome of long positions in the run-up to the US presidential election. The 1-month undeliverable futures contract indicates that the rupee will open at 84.04-84.06 per dollar, up from its previous close at 84.0750.

The dollar index fell by 0.2%, while Asian currencies rose. The Chinese offshore yuan, considered a direct element of the US election on November 5, reached its highest level in two and a half weeks.

The yuan hit its highest level in two weeks on Monday, marking a good start to a pivotal week that saw markets prepare for a turbulent period, as the United States chooses a new leader and likely cuts interest rates, while China's top legislature meets & agrave; Beijing. On the futures market, the three-month yuan was quoted at 7.0547, which is 548 pips higher than the spot rate. The three-month CNH futures were quoted at 7.0555