• US Dollar declines after increased probability of VP Kamala Harris winning the Pennsylvania vote.
• NFP in the US rose by 12,000 in October on Friday, starkly missing expectations.
• Markets fully price in a 25 bps cut at Friday’s FOMC decision and 85% chance of another cut in December.

The US Dollar (DXY), which measures the value of the USD against a basket of six currencies, fell to a fresh nine-day low on Monday after polls showed Vice President Kamala Harris taking the lead in the US presidential election. The drop marks a reversal of the USD's recent strength, which had been driven by expectations of a Donald Trump victory and strong economic data.

The US Dollar has faced temporary setbacks due to profit-taking but has rebounded, consolidating near 104.00. The upcoming Federal Reserve (Fed) decision on Friday, as well as the outcome of the US election, is expected to influence the DXY's direction, with markets pricing in a 25-basis-point rate cut.