The USD down against all major currencies today but the selling is concentrated
The below snap shot shows that the USD is down against all the major currency pairs. Since it is lower against all, that would make it, the weakest of the majors in trading today. However, the selling has not been even distributed. The selling has been mainly against the CHF (down 1.49%), the JPY (down 0.80%) and the EUR (down 0.73%). Against the GBP and the CAD, it is nearly unchanged. The dollars fall against the NZD has is a modest -0.24%. The dollar is down 0.49% vs the AUD but that was much worse at the start of the NY session.
What has been drivers for the changes?
The moves into the JPY and the CHF tends to happen when the stock markets are under pressure and/or there are levels of anxiety. The bell rings (stocks fall) and there is a flow of funds into the "relative safety of the JPY and the CHF"
The dollars fall against the EUR? For me, I would chalk it up to technicals that turned more bullish and was later helped by flow of funds out of the dollar and also the GBP (EURGBP soared today). The chart of the EURUSD below shows how the last two days has seen the price stall against the 100 bar MA on the 4-hour chart each day. That was not the case today. The price moved above that MA line and the sellers turned to buyers. You can say the election uncertainty contributed, or that the better data out of Europe or weakish data out of the US helped, but technically, the picture changed at that MA line.
The GBP was influenced by flows into the EURGBP (it also found support above it's 100 hour MA) that kept a lid on the GBPUSD as a result.
The AUD fell by -0.49% but most of that occurred after better China PMI data and a rally after the RBA did not materially alter their policy stance at their policy meeting.
The NZDUSD was up in the Asian Pacific session but corrected lower (USD stronger) in the US sessions as traders exited out of risk.
So although the dollar was weaker today, not all the stories were the same.