EUR/USD faces some selling pressure to near 1.0800 as Trump trades continue to rally

EUR/USD softens to near 1.0805 in Wednesday’s Asian session, down 1.06% on the day. 

Trump trades continue to strengthen as Trump is leading in the US presidential election. 

The ECB’s large rate cut bets diminished after upbeat Eurozone Q3 GDP growth data. 

The EUR/USD pair falls to around 1.0805 during the Asian trading hours on Wednesday. The Greenback gains momentum as the voting favoredd Former US President Donald Trump in the US presidential election. 

Polls are closing in 15 states, including the battleground states of Arizona, Michigan and Wisconsin. Trump is doing better in rural areas, while Kamala Harris is doing better in the suburbs than Biden. Trump trades continue to strengthen, supporting the US Dollar (USD) against the Euro (EUR). 

Steve Englander, head of global G10 FX research and North America macro strategy at Standard Chartered Bank's New York branch, said, "Right now the mood seems to be going in favor of Trump," Englander said. "On the other hand for most of October and into the beginning of November the Trump trades were stronger dollar and higher yields,” added Englander. 

The US presidential election will be the key event for the USD dynamic this week. However, investors will shift their attention to the Federal Reserve’s (Fed) monetary policy decision, which will be announced on Thursday.