Some analysts say the outcome could be positive for bonds and negative for the dollar if it leads to less fiscal stimulus. The aggressive pace of interest rate increases in the United States has caused Treasury yields to rise and pushed the dollar to multi-year highs against most of its peers, although there is growing speculation about that this trend is coming to an end.
The dollar index falls 0.6% to 109.310, Meanwhile he Euro touches $1.0090 during the Asian session, its highest level in nearly two weeks.
The pound sterling up 0.6% to $1.1578, but along with the Australian dollar and currencies such as the Swedish krona, which often move in line with general market sentiment, the pound was a long way from its recent lows.
The Japanese yen fell 0.8% to 145.49. Japan’s foreign exchange reserves posted their second steepest monthly decline on record in October as authorities spent 6.35 trillion yen on interventions to support the yen.
The yuan had its best day in two years on Friday and has held onto most of those gains since then, trading at 7.2493 per dollar as fresh outbreaks of COVID-19 eroded some of the optimism.
Source: Ambito
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