Dollar on course for second week of losses, yuan gains on Biden win bets

09.10.2020 - Petr Mazaylo
Dollar on course for second week of losses, yuan gains on Biden win bets

The dollar fell on Friday and on course for a second week of losses as investors increased bets on Joe Biden winning the U.S. presidency and offering stimulus aid after the elections.

Wall Street Bankers forecast a stimulus package whichever candidate wins, but they are expecting a much bigger one if Biden takes the presidency. 

The dollar slid 0.1% to 93.47, down 0.4% for the week against a basket of currencies. It hit a two-month high of 94.75 in late September.

The yuan held the biggest advantage amid increasing bets for a Biden win. The Chinese currency reported its biggest rise in over four years, up 1.2% to 6.7112 on the dollar in onshore trade. It stood at 6.7024 offshore.

The risk-sensitive Aussie gained 0.2% to $0.7186. The euro grew 0.1% to $1.1776, while the pound climbed 0.2% to $1.2961.

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