The dollar index traded around 103.9 on Tuesday, holding onto losses from the previous session as uncertainty over the outcome of the US presidential election led traders to unwind some of their "Trump trade" positions.
Recent polls suggest a tighter race between Kamala Harris and Donald Trump than initially expected, with market attention also focused on which party controls Congress, as a sweep could trigger significant changes in spending and tax policies.
On the monetary policy front, the Federal Reserve is widely anticipated to announce a more cautious 25-basis-point rate cut on Thursday, as it navigates the delicate balance between persistent inflation and a slowing labor market. Markets are also pricing in the possibility of another quarter-point rate cut in December.
Source : Trading Economics
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