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Here is what you need to know on Monday, November 2:

The safe-haven dollar is rising, gold is stable,while stocks and oil are on the back foot. COVID-19 figures continue rising, triggering a lockdown in the UK. One day ahead of the US elections, tensions remain high and weigh on markets. The US ISM PMI is eyed. 

US elections: A flurry of final surveys from various pollsters continued showing Democrat Joe Biden leading over President Donald Trump. The fantic campaigns are focusing on Pennsylvania – the most-likely tipping point state – and neighboring states in the Midwest.

Over 94 million Americans have already cast their ballots in early and mail-in voting, around 68% of the total 2016 vote count. In Texas, that figure has hit 108%, while turnout is near 100% in Florida, North Carolina, and Georgia. 

See 2020 Elections: Three states traders should watch, plus places that could provide surprises

Risk-off: UK Prime Minister Boris Johnson made a U-turn and announced a nationwide month-long lockdown from Thursday. GBP/USD is trading around 1.29, holding up despite the news and amid hopes that Brexit negotiators are making progress toward a deal. 

Hospitalizations are surging in Britain, in Europe – where fatigue from the measures has resulted in protests – and in the US, where the daily case-load has neared 100,000.

Oil: WTI Crude Oil has tumbled down below $35 amid the risk-off mood and Libya’s announcement that it is ramping up production. 

Gold has stabilized around $1,880 after struggling last week. 

The US ISM Manufacturing Purchasing Managers’ Index is set to remain above 55, reflecting moderate growth. The publication serves as a clue toward Friday’s Non-Farm Payrolls report. 

US October Manufacturing PMI Preview: Eyes on the New Orders Index

European Manufacturing PMIs are also projected to show ongoing expansion despite the recent lockdowns. China’s PMIs topped 50 and reflected expansion as well.

Cryptocurrencies are holding onto high ground, with Bitcion just shy of the $14,000 level and Ethereum above $400.