Dollar Bounces from Friday’s Low, Heads for a Monthly Gain

The US dollar recovered against the euro on Monday as it heads for a monthly gain yet it remained lower than its highest level over the past five days of trading.

The dollar had a sudden drop last Friday following reports of a new probe launched by the FBI that is investigating into emails linked to Hillary Clinton’s use of a private server when she was the secretary of state. However the US currency steadied today as traders weighed the possible effect of new findings that the federal investigators unveil on the US presidential elections. Polls are currently showing a 49% chance for Clinton to win against a 46% chance on Donald Trump’s side.

Data released in Europe today â€” including euro zone inflation data and flash GDP estimate — is expected to be the main contributor to the movement of the EUR/USD throughout the day.

EUR/USD touched 1.0940 as of 16:41 GMT today as the dollar recovered from its Friday’s lowest at 1.0991 following a loss by 0.9% on the same day which was its biggest drop in nearly two months. The greenback is heading for a 2.4% monthly gain in October.

The DXY index, which measures the performance of the US currency against a basket of major currencies, rose to 98.62 as of 14:30 GMT after hitting its previous week’s low at 98.34 last Friday.

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