Dollar Falls as Biden Approaches White House

  • The pound fell against the dollar and the euro after media reports that the Bank of England is considering negative interest rates.
  • Emerging market currencies, such as the Malaysian ringgit and the Indonesian rupiah, also rose against the US currency.
  • By Wednesday, the Democratic candidate, Joe Biden, closed in on winning the US presidency.

The dollar fell to its lowest level in more than two years against the yuan, and fell against other Asian currencies, as the Democratic nominee, former Vice President Joe Biden, came closer to the White House in an exciting US presidential election, according to Reuters.

Australia dollars

The pound fell against the dollar and the euro after media reports that the Bank of England, which is set to announce a policy decision late on Thursday, is considering negative interest rates.

Analysts say expectations that the Biden administration will adopt a less aggressive tone on trade policy is likely to weaken the dollar against the currencies of countries that often face the threat of tariffs under President Donald Trump.

The yuan rose for a short period in internal transactions to its highest level in more than two years, at $6.6381, extending its recent gains, as the Chinese currency has become a popular bet on Biden’s victory.

Emerging market currencies, such as the Malaysian ringgit and the Indonesian rupiah, also rose against the US currency. The dollar index, which measures its performance against a basket of six major currencies, reached 93.350, a slight change from the previous session.

The euro reached $1.1736 today, improving its performance from the previous session. The pound sterling fell 0.25 percent to $1.2960. The pound fell against the euro 0.33 percent to £90.55. Against the yen, the dollar was little changed, to 104.33.

Biden on the Doorstep to the White House

By Wednesday, the Democratic candidate, Joe Biden, closed in on winning the US presidency after settling two major battles against President Donald Trump, who is seeking to win a second presidential term, and who launched a counter-judicial battle.

After clinching the states of Wisconsin and Michigan, which he reclaimed from Trump after Arizona, Biden had 264 electoral votes. If he wins Nevada’s six electoral votes, his total will reach 270, and he will become President of the United States.

For the first time since 2000, Americans woke up the day after the elections without knowing the identity of the winner. On Wednesday, the Trump campaign announced that it had filed a judicial petition requesting a recount in Wisconsin, as well as a halt to the count in Michigan and Pennsylvania.

US presidential candidates, Trump and Biden

Campaign Manager Bill Stepien said in a statement that he had filed a court petition to stop the vote count in Pennsylvania, “pending enhanced transparency.” Trump hinted, in a confused declaration, to resort to the Supreme Court, without explaining the reasons.

On Wednesday, observers of the Organization for Security and Cooperation in Europe condemned “baseless allegations” made by Trump regarding the electoral process. The organization considered that Trump’s statements in this regard undermine public confidence in the electoral process.

These elections saw the highest turnout since women were allowed to vote. Some 160 million Americans cast their votes, with a turnout estimated at 66.9 percent, compared to 59.2 percent in 2016, according to the US Elections Project. This percentage exceeded that recorded in 2008, when Barack Obama was elected.

Many states found themselves under a huge pile of mail-in ballots. It may take several days to open envelopes and scan cards with a scanner in some cities.

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Benedict Kasigara

I have been working as a freelance editor/writer since 2006. My specialist subject is film and television having worked for over 10 years from 2005 during which time I was the editor of the BFI Film and Television.

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