Australia’s central bank held interest rates steady on Tuesday, as expected, and cautioned policy would need to stay restrictive for some time yet, strongly suggesting borrowers could expect no Christmas cheer this year.
The greenback has been hit, in part, by an unwinding “Trump trade,” as recent polls showed Donald Trump and Kamala Harris set for a tight presidential race, with the majority of voting starting later Tuesday.
Oil prices had been supported by Sunday’s announcement from the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, to push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets.
Bitcoin fell on Tuesday, extending recent declines as anticipation of a tightly contested presidential election saw traders remain largely wary of speculative assets such as cryptocurrencies.
The company reported a third-quarter adjusted loss of -$0.06 per share, $0.01 worse than the analyst estimate of -$0.05. Revenue for the quarter came in at $128 million, slightly below the consensus estimate of $128.09 million, representing an 18% increase YoY.
The move builds on May’s budget, which attacked cost of living pressures in Australia and gave debt relief for students, as well as more investment to make medicines cheaper, and a boost to a rent assistance programme.
Most Asian currencies firmed on Monday as the dollar fell sharply from recent highs after soft labor data, with focus turning squarely to the upcoming presidential election and a Federal Reserve meeting.
Particular focus is on the seven battleground states that are likely to decide the direction of the election. Recent polls showed Harris had a strong base in female supporters, while Trump was mostly favored by young white men.
Trump was regarded as the more favorable candidate by crypto markets, given that he has presented a largely pro-crypto stance in recent campaigning. Harris, on the other hand, has pledged to a crypto regulatory framework, but has not elaborated on her stance towards the industry.
Crude oil for December delivery was up 1.84% or 1.28 to $70.77 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January rose 1.70% or 1.24 to hit $74.34 a barrel, while the December Gold Futures contract fell 0.00% or 0.10 to trade at $2,749.10 a troy ounce.
