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US Election: Dollar falls as sentiments boost equities and oil prices

US Election: Dollar falls as sentiments boost equities and oil prices

» US Election: Dollar falls as sentiments boost equities and oil prices

As the United States went to the polls yesterday in a highly contested election to choose between the incumbent President , Donald Trump, and the Democratic Challenger, Joe Biden, the currency of the country, the dollar decreased in value against the six major global currencies, while the stock market and crude oil prices surged driven by the Democratic challenger ‘s sentiments for victory.

According to the Financial Times, the dollar index, which tests the US currency’s performance against six major global currencies, has fallen by almost 0.7%, its largest fall in more than a month. It fell 0.6 percent against the euro, buying 85.4 euro cents.

To recover the pandemic-stricken US economy, investors expect a Joe Biden victory to result in a big borrowing and spending package.

With the S&P 500 Index rising 2.2 percent to 3,383.10 as of 11:30 a.m New York time, the highest in a week on the biggest leap in five months, a similar optimism caused U.S. stocks to increase. Amid rising bets that banks and oil firms are among sectors poised for gains after the election, the S&P 500 jumped more than 2 percent.

The Dow Jones Industrial Average jumped by 2.4% to 27,573.21, the highest leap in five months in more than a week.

The Nasdaq Composite Index rose to 11,179.23, the biggest rise in more than three weeks, by 2 percent. The MSCI All-Country World Index increased by 2% to 569.25, with the biggest leap in 20 weeks becoming the highest in a week.

In addition , oil prices rose yesterday on the international market, with Brent Crude rising 2.94 percent to $34.94 dollars. WTI Crude increased by 2.85 percent to $37.99 dollars, while Bonny Light of Nigeria rose 0.56 percent during the day to $37.52.

According to Reuters, traders were bracing for uncertainty based on the outcome of the vote and as emerging coronavirus cases around the world fed fears about fuel demand.

As millions of Americans went to vote, U.S. stocks surged as a gust of optimism swept through global financial markets.

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