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Picture used for illustrative purpose. File
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.
The dollar index slipped to 94.21. It reached a two-month high of 94.745 last week and posted its biggest weekly rise since early April. Against the yen, the dollar was more subdued at 105.36 yen.
The dollar held steady at 105.28 yen, trading near a three-week high. Against the euro, the dollar was little changed at $1.1822.
The fall of the dollar index has advanced other currencies. The Chinese yuan struck a 28-month peak, the New Zealand dollar rose 0.6% to hit a 19-month high and the Australian dollar made a seven-week top.
The dollar index fell 0.3% at 92.836. Markets are keen to see the Fed's economic projections, and particularly whether it spells out where it sees inflation headed and what exactly that means for interest rates.
Brent crude futures for June declined 29 cents, or 0.4%, to $66.28 a barrel at 06:45 GMT while US West Texas Intermediate (WTI) crude futures for June fell 34 cents, or 0.5%, to $62.33 a barrel.
Spot gold was up 0.5% to $1,786.80 per ounce at 06:57 GMT while US gold futures gained 0.5% to $1,786.90 per ounce.
Sheikh Fahim Bin Sultan Al Qasimi, Chairman of the Department of Government Relations in Sharjah, stated that the department has enhanced the stature of the UAE, in general, and Sharjah, in particular,
After the success of She Leads, Creative Zone and the Dubai Business Women Council (DBWC) have launched the second phase of their integrated accelerator programme, She Leads 2.0.