Dollar declines ahead of US midterms as oil falls; bitcoin steadies after crypto theft
SPY•The dollar index fell 0.38% to 101.59 as oil prices tumbled about 6% and equities climbed ahead of US midterm elections and a week of economic data and central bank decisions. Bitcoin was down 0.06% after Binance customers withdrew almost $5 billion following a $6.3 billion hack.
1. Dollar and oil retreat
The dollar eased on Monday as oil prices tumbled and equities climbed ahead of a week of US labor-market data, central bank decisions and the US midterm elections. Crude fell about 6% as talks between Iranian and Qatari officials on ending the US-Israeli war with Iran lifted hopes of fewer Middle East supply disruptions. The dollar index dropped 0.38% to 101.59, while the euro rose 0.48% to $1.1212.
2. Manufacturing data improves
The Institute for Supply Management said its manufacturing PMI rose to 55.5 in October from 54.5 in September, while input prices remained elevated. The government’s October payrolls report is due Friday. Central banks in Britain, Australia, Norway and Sweden are scheduled to issue policy statements this week.
3. Crypto steadies after hack
Bitcoin fell 0.06% to $77,765.90 and ether rose 1.06% to $2,286.31, steadying after last week’s record $6.3 billion heist at Binance. The company said customers had withdrawn almost $5 billion since the exchange reopened after the hack. Americans vote Tuesday, with Democrats widely predicted to win the House of Representatives.
