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Forex Today: First-tier events kick-start with RBA, US elections

Here is what you need to know on Tuesday, November 3:

 The dollar is ending Monday mixed, stronger against high-yielding rivals but weaker against commodity-linked currencies. Majors, however, remained within familiar levels as caution prevails ahead of the US presidential election that ends this Tuesday.

The EUR/USD pair fell to a fresh multi-week low of 1.1621, despite encouraging EUR data. Markit upwardly revised its manufacturing indexes for the EU, although the market still feels the pain from Lagarde’s words from last week, as she anticipated a tough final quarter for the year.

GBP/USD trades around 1.2900 trimming part of its early losses related to the latest lockdown announcement. The pound retains a soft tone amid the lack of progress in Brexit talks. So far, the only news on the mater indicates that talks between the EU and the UK continue this week in Brussels.

Commodities recovered some ground, with gold trading around $1895.00 a troy ounce and WTI at $36.90 a barrel. The better performance of equities seems to be behind the intraday advance.

The Reserve Bank of Australia is coming up next. Lowe & Co. will likely slash rates to a record 0.1%, could also expand QE.

The world is set to hold its breath during the upcoming sessions, as the US goes to the polls. Mail-in voting has already finished, but people have time to go to voting extensions throughout Tuesday. The first results will come on Wednesday at around 0:30 GMT.

Bitcoin price sits on top of massive support despite US election fears

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