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Mayor betting on Biden...U.S. presidential election day weak dollar

What will happen if Biden is elected?
The dollar will continue to weaken as a smooth stimulus.

The U.S. dollar weakened sharply Thursday after the U.S. presidential election. It is interpreted as reflecting the possibility of Democratic candidate Joe Biden winning the election, which is favorable to large-scale fiscal spending.

As of 5 p.m. on the 3rd (local time), the dollar index (DXY) was 93.42, down 0.76 percent from the previous trading day. The dollar index is an index of the dollar's value based on six major currencies, including the euro and the yen.

The main opposition Democratic Party is taking a forward-looking attitude toward large-scale fiscal spending, pushing for an additional 2.2 trillion dollars worth of economic stimulus measures. As fiscal spending increases, the size of U.S. government bond issuance increases and the dollar is under downward pressure.

Gold prices have also risen. At the same time, gold for December delivery on the New York Mercantile Exchange was trading at $1910.60 an ounce, up $18.10 (1.0%) from the previous trading day.

International oil prices also jumped. On the New York Mercantile Exchange (NYMEX), WTI (WTO) December delivery closed at $37.66 a barrel, up 85 cents, or 2.3 percent, from the previous trading day.

Brent crude for January next year, the benchmark for international oil prices, is trading at $40.03 as of 11:04 p.m., up $1.06 or 2.7 percent from the previous trading day.

source : https://news.mt.co.kr/mtview.php?no=2020110407143397228

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