USD is settling above its highest level in two months after Biden winning

Last Updated on November 9, 2020

USD rose today against a basket of global currencies, to consolidate above the lowest level in two months recorded earlier in the Asian market

In the process of achieving the first gain within the last five days, with the growth of purchases of the US currency as the best alternative investment.

The USD index rose by 0.25% to 92.45 points, and start today trading at 92.23 points, and record the lowest price at 92.13 points, the lowest price since the first of September.

The index ended Friday’s trading, down 0.4%, its fourth consecutive daily loss, as Joe Biden continued to advance in the US presidential election race.

And after data showed the world’s largest economy added jobs in October better than experts’ expectations.

usd

Due to the slowdown in medicine on the US currency as the best alternative investment.

USD rose, following the announcement by “Pfizer” of the strength of its anti-Coronavirus vaccine, which in turn supports the growth expectations of the global economy.

And the American company “Pfizer” announced that the vaccine developed in cooperation with the German company “Biontech” has proven 90% effective in preventing the Coronavirus.

In a related context, the British government announced that the trials of the Corona vaccine are proceeding in full swing, and it is expected that it will be launched locally by next December.

USD awaiting Biden economic plan

Joe Biden crossed the 270 electoral college vote threshold required to win the US presidential elections, after his stunning advance in Pennsylvania.

And officially winning it according to state laws, and Pennsylvania represents 20 electoral college votes.

At the same time, Biden won the state of Nevada, which has 6 votes from the electoral college, bringing Joe Biden’s total votes from 264 to 290 votes, to formally become president number 46 of the United States.

 

Professional Trader and Analyst, economist in Financial and Forex marketsince 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

Relevant news