Dollar steadies, recording more losses as US election drags on

GulfToday Report

The dollar remains firm against a lot of currencies on Friday, but more losses are likely to occur as a contended election result might delay or even stop the large stimulus economy package.

The greenback index has stood at 92.641 against a basket of six major currencies, close to a two-week low.

On Friday the dollar traded 103.46 against the yen. It traded at $1.1819 against the euro. The British pound traded at $1.312.

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Investors are looking towards a Democrat president and a Republican Congress. This arrangement will make it tough for the large fiscal spending package to be enacted.

So far, Joe Biden is leading in the race to the White House, but some key states are yet to be counted. Also, President Donald Trump has filed a lawsuit and is demanding a recount.

According to some analysts, the dollar is likely to keep declining till 2021 as the pandemic-hit US economy struggles to recover.