facebook phishfort

Dollar Lower as democrats snatches the house

U.S dollar fell against a basket of six major currencies ending to settle at 92.24 and currently trading lower hitting a 10-week low as investors longed trade-exposed currencies after Joe Biden won the U.S elections expecting a calmer White House which could boost world commerce accompanied by easy monetary policy.

Biden crossed the threshold of the 270 electoral college votes required for victory on Saturday by winning the battleground state of Pennsylvania. Republicans appear to have retained control of the Senate, though the final makeup may not be clear until runoff votes in Georgia in January.

expectations for a massive U.S. fiscal stimulus package have been lowered, which has sent bond yields sharply lower in anticipation of less borrowing and more quantitative easing from the U.S. Federal Reserve.

in the economic space, The Non-farm payroll report which comes on the first Friday of every month and one of the most anticipated reports from the US came at 638,000 higher than expectations of 600,000.

Moreover, the unemployment rate fell to 6.9 percent better than expectations of 7.7 percent.

 

Over in Europe, the Common currency traded higher on Friday against the Greenback to settle at 1.1873 EURUSD.  Investors are watching with concern as coronavirus infection rates climb in Europe.

Furthermore, The Great British Pound was higher versus its counterpart, the U.S. Dollar, to settled at 1.3156.

investors will be keeping an eye on the appearances from Bank of England Governor Andrew Bailey and chief economist Andy Haldane where talk of negative rates is in focus.

Regarding Safe-Haven assets, the Japanese Yen was higher against the Greenback to end the session at 103.35 USDJPY.

On the other hand, the Swiss franc rose against the U.S dollar to settle at 0.8993 USDCHF.

The Precious Metal ended Friday’s trading session higher, The Gold finished the session at 1951 supported by a weaker dollar.

Elsewhere in Canada, the Lonnie which is a commodity-sensitive currency traded higher on Friday’s session. The USDCAD ended the session at 1.3042.

The Aussie Dollar finished the session lower to end the trading session at 0.7257 but currently trading near 0.7300 also supported by a weaker dollar.

Cryptocurrencies ended that session higher, with Bitcoin settling at 15550 BTCUSD. Moreover, Litecoin and Ethereum ended the session at 59.02 LTCUSD and 444 ETHUSD, respectively.

 

The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects third-parties current judgment and may change without notice. Users acknowledge and agree to the fact that, by its very nature, any investment in shares, stock options and similar and assimilated products is characterized by a certain degree of uncertainty and that, consequently, any investment of this nature involves risks for which the user is solely responsible and liable.