Most asset markets are away from earlier extremes as the Monday Asia Pac session unfolds. Jitters around the US election outcome, with weekend opinion polls pointing to a very close race, have dominated sentiment so far. Trump election odds are recovering off recent lows per PredictIt and Polymarket, but are well off late October highs. 

  • The USD opened up weaker and is holding lower, albeit away from worst levels against majors. USD/JPY is up from earlier lows (151.94), last near 152.20/25. AUD/USD rose above 0.6600 initially, but is now back to 0.6585/90. USD/CNH has been supported under 7.1100 in the first part of trade.  The BBDXY and DXY indices sit off near 0.35%.
  • Bitcoin is close to session lows ($68.5k) while on Sunday we briefly dipped sub $67.5k.
  • US Tsy futures gapped higher at the open, the 10yr getting above 110-16, but we sit slightly lower now, last near 110-13. This keeps us comfortably within recent ranges. A reminder with Japan markets out, there is no cash Tsy trading during Asia Pac hours today.
  • US equity futures opened lower, but sit away from worst levels, Eminis last down close to 0.15%.
  • WTI spiked to $71/bbl at the start of trade, but is now back to $70.60, still up 1.6% for the session. Iran rhetoric around striking Israel (per WSJ) and OPEC delaying its planned output increase is aiding sentiment.
  • The data calendar is very quiet in the region today. 

CROSS ASSET: Markets Away From Earlier Extremes, Election Risks Remain In Focus

Last updated at:Nov-04 00:28By: Jonathan Cavenagh

Most asset markets are away from earlier extremes as the Monday Asia Pac session unfolds. Jitters around the US election outcome, with weekend opinion polls pointing to a very close race, have dominated sentiment so far. Trump election odds are recovering off recent lows per PredictIt and Polymarket, but are well off late October highs. 

  • The USD opened up weaker and is holding lower, albeit away from worst levels against majors. USD/JPY is up from earlier lows (151.94), last near 152.20/25. AUD/USD rose above 0.6600 initially, but is now back to 0.6585/90. USD/CNH has been supported under 7.1100 in the first part of trade.  The BBDXY and DXY indices sit off near 0.35%.
  • Bitcoin is close to session lows ($68.5k) while on Sunday we briefly dipped sub $67.5k.
  • US Tsy futures gapped higher at the open, the 10yr getting above 110-16, but we sit slightly lower now, last near 110-13. This keeps us comfortably within recent ranges. A reminder with Japan markets out, there is no cash Tsy trading during Asia Pac hours today.
  • US equity futures opened lower, but sit away from worst levels, Eminis last down close to 0.15%.
  • WTI spiked to $71/bbl at the start of trade, but is now back to $70.60, still up 1.6% for the session. Iran rhetoric around striking Israel (per WSJ) and OPEC delaying its planned output increase is aiding sentiment.
  • The data calendar is very quiet in the region today. 

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