The recent US presidential election polls showing no clear frontrunner between Kamala Harris and Donald Trump caused the dollar to decline. This uncertainty in the political landscape led to a weaker performance of the greenback against several major currencies, including the yen, pound, euro, Mexican peso, Australian dollar, and New Zealand dollar during early trading.
The dollar's retreat can be attributed to market reactions to the evolving political dynamics, following a period of strengthening on Friday driven by rising Treasury yields.
Meanwhile, bond yields in Australia and New Zealand remained relatively stable as the Asian markets prepared for a subdued opening.