U.S. Dollar Falls As Biden Edges Closer To Majority
The U.S. dollar slipped against its major counterparts in the
European session on Thursday amid risk appetite, as Democratic
candidate Joe Biden inched closer to victory in the U.S.
Biden leads Trump by 264-214 votes.
With victories in Wisconsin and Michigan, Biden is moving closer
to the U.S. leadership.
Final results are still awaited in Nevada, Georgia, North
Carolina and Pennsylvania.
Investors are cheering increasing odds of a Democratic
presidency that will stoke growth in the world's biggest
The Federal Reserve is expected to keep policy on hold when it
announces decision later in the day. The federal funds rate is at 0
- 0.25 percent.
The greenback weakened to near an 8-month low of 103.96 against
the yen, 9-day lows of 0.9068 against the franc and 1.1814 versus
the euro, after gaining to 104.54, 0.9133 and 1.1711, respectively
in previous deals. The next possible support for the greenback is
seen near 100.00 against the yen, 0.88 against the franc and 1.20
versus the euro.
The greenback edged down to 1.3103 against the loonie, 0.6737
against the kiwi and 0.7220 against the aussie, reversing from its
early highs of 1.3178, 0.6679 and 0.7145, respectively. If the
greenback falls further, it may find support around 1.29 against
the loonie, 0.70 against the kiwi and 0.75 against the aussie.
The greenback touched as low as 1.3075 against the pound, down
from a high of 1.2932 hit at 5:45 pm ET. The greenback is seen
finding support around the 1.34 region.
The euro appreciated amid strengthening European shares.
The euro jumped to an 8-day high of 123.18 against the yen and a
2-day high of 1.0718 against the franc, off its early lows of
122.21 and 1.0666, respectively. Next key resistance for the euro
is possibly located near 125.00 against the yen and 1.08 against
The euro rebounded to 0.9048 against the pound, from a low of
0.9006 set at 2:15 am ET. The EUR/GBP pair had set an 8-day low of
0.9069 at 1:45 am ET. The euro may target resistance around the
The euro appreciated to a 3-day high of 1.5507 against the
loonie, from yesterday's closing value of 1.5393. Further rally may
take the euro to a resistance around the 1.56 area.
The single currency bounced off to 1.6392 against the aussie and
1.7565 against the kiwi, from its early lows of 1.6300 and 1.7467,
respectively. On the upside, 1.66 and 1.78 are possibly seen as the
next resistance for the euro against the aussie and the kiwi,
The U.S. weekly jobless claims for the week ended October 31
will be featured in the New York session.
At 2:00 pm ET, the Fed announces its decision on interest rate.
Economists widely expect the federal funds rate to be kept at 0 -