USD/CNH rises as blue wave odds fade

• USD/CNH rises as odds of Democratic sweep decline. 
• The US election results overshadow upbeat China data 

USD/CNH is trading near 6.70 at press time, representing a 0.44% gain on the day, having printed a low of 6.6498 during the early Asian trading hours. 

The dollar picked up a haven bid and risk assets such as the S&P 500 futures faltered after the key state of Florida showed President Trump in lead, dashing hopes for an easy win for the Democratic presidential candidate Joe Biden. 

Markets had positioned for a blue wave or Democratic sweep and the supposedly enormous fiscal package that comes with it. However, with Trump leading in Florida and projected to win in North Carolina, the odds of a big win for Biden have weakened. 

China's Caixin Services PMI for October came in at 55.7, beating the expected print of 55 and up from the preceding month's 54.8 reading. The data, however, has been ignored by markets as focus remains on the US election outcome. 

Technical levels