Dollar Weakens As Biden Clinches U.S. Presidency

The dollar hit a 10-week low this Monday as Joe Biden’s claim victory as U.S. president by buying trade-exposed currencies on expectations that a calmer White House could boost world commerce and that monetary policy will remain easy.

The Chinese yuan struck a 28-month peak, the New Zealand dollar made a 19-month high and the Australian dollar hit a seven-week top as the dollar index fell to its lowest since early September. The South Korean won hit a 21-month high of 1,115.33 per dollar.

Sterling hit its highest in more than two months while the euro rose 0.1%, extending an almost 2% gain from last week to hit a two-month high of $1.1895.