The dollar reached a 10-week low on Monday as investors spent on trade-exposed currencies foreshadowing an easy money policy following Biden’s win.
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.
Democrat Biden emerged as the president-elect. The Senate though seems to still be under the control of the Republicans. The January runoff votes in Georgia will determine the final outcome of the Senate.
Michael McCarthy, CMC Markets’ chief strategist said from a market point of view, the outcome is perfect.