The dollar was seen firm against many currencies on Friday, but traders expect more losses due to diminished hopes for large stimulus to support the economy any time soon on the controversial U.S. presidential election.
Market participants are expecting that Democrat Joe Biden will become the next president but Republicans will retain control of the Senate, which will make it difficult for the Democrats to pass the larger fiscal spending that they have been pushing.
Although Biden maintains a lead over Trump, a few important states are still in the process of vote counting and Trump is mounting legal obstacles to vote counts leading to further uncertainty.
Expectations for less fiscal spending led to a large decline in long-term Treasury yields, combined with a rallying equities and other riskier assets, has placed consistent selling pressure on the dollar that is likely to continue.
13 Apr 2021 07:40 AM
Find out why is the Dollar trading near its 3-week low?
12 Apr 2021 06:35 PM
U.S. stock futures slipped today, signaling a muted opening for major indexes that stand at record highs ahead of a busy week of corporate earnings and economic data.
12 Apr 2021 04:31 PM
Indian equities fell the most in over a month as a rapid surging second wave of the coronavirus across the country acted as the key deterrent to market sentiment.
12 Apr 2021 04:21 PM
The Indian rupee dropped for the sixth consecutive session against the dollar, as a surge in coronavirus cases intensified fears of a delay in economic recovery.
12 Apr 2021 02:54 PM
Pound bounced back from 2 month lows and traded around 1.3750 amid timid US Treasury yields capping Dollar’s gains.
12 Apr 2021 02:46 PM
Check out how European markets are reacting today