Asian stock markets rallied overnight, after the FBI announced that it has cleared US presidential candidate Hillary Clinton of charges, only two days ahead of election day. The Nikkei rallied more than 1 % on the day, while S&P 500 and Dow Jones futures also gained roughly 1 % at the open.
In FX, the US Dollar strengthened across the board at the open. EUR/USD fell from 1.1140 to 1.1055, but was able to partly fill the weekend gap later in the session as it rose to 1.1110. Similar price action was seen in Cable, which fell from 1.2520 to 1.2450 and bounced back to 1.25. However, Cable come under renewed pressure in the late Asian session and fell to a fresh intraday low of 1.2420.
USD/JPY rallied sharply overnight. It started the new trading week at 104.10, up almost 100 pips from Friday's close, and extended gains to 104.60 later in the session. Strong demand was also seen for the Yen crosses – especially AUD/JPY and NZD/JPY.
It was a mixed session for the commodity currencies. No large weekend gap was seen in them, and the JPY cross demand slowed their decline against the Dollar. AUD/USD traded in a 0.7655-85 range overnight, while NZD/USD consolidated between 0.7300 and 0.7350.
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