The dollar is posting a decent advance on the day now but more so against currencies with high beta (risky currencies) and these days, that includes the pound. GBP/USD is down nearly 1% to 1.1420 as it cracks below its 200-hour moving average:
That erases the gains from yesterday as sellers regain some near-term control in the pair, though the big picture look is still not really going anywhere for now.
The dollar's push higher comes as we see a round of selling in equities with S&P 500 futures now down by 0.6% on the day.
There's not much in terms of headlines to have sparked the quick drop in the past hour or so, with the US midterms still shaping up as it is i.e. a less Republican-favoured result than initially anticipated. The Senate race remains tight and the fight for control of the House is still just slightly favoured for the Republicans, even if Democrats have showed much resilience.
One can argue that perhaps the rout in cryptos is starting to spill over as things are looking rather bearish now with Bitcoin breaking the June lows:
