On November 4, the New Zealand dollar strengthened against the US dollar in early trading, possibly due to position adjustments ahead of the US presidential election on Tuesday. The Commonwealth Bank of Australia (CBA) global economics and markets research team said in a report that the US dollar "may trade widely this week" due to the election. The team said that if Trump leads in the early on-site vote counting, the US dollar may rise. However, Democratic voters are more inclined to vote by mail or early in-person, and these ballots take longer to count.
Therefore, the team said, Trump's lead may narrow or disappear later this week. The team added that if Harris wins, the US dollar may depreciate by 1%-2% this week. (Gold 10)
