Get insight on the latest FX market updates during the presidential race.
2020 Election FX Market Update
Updated: Nov. 4, 2020 | 4:03 PM ET
As the world still waits on the winner of the US election with bated breath, we take a quick look at what happened today and where we are likely to go.
Today we saw USD lose the majority of its overnight gains, as the mail-in ballot seems to be going the Democrat's way. At the time of writing, Biden has all but been confirmed as the winner of Wisconsin and Arizona and has a hefty lead in Michigan. Trump seems likely to hold on to his lead in Pennsylvania, meaning it may all come down to Nevada. Currently, Biden has a lead of fewer than 8,000 votes but with 25% of the votes still outstanding and 6 electoral votes up for grabs it really still is anyone’s game.
Despite the fact that it is looking increasingly like a victory for Biden, there is a risk that it may be a hollow one. The Democrats were storming the polls and were expecting a run at the Senate. Instead, it looks set to be one of the closest elections in history and fingers are beginning to point fingers at each other to determine who is to blame and what it will mean for the next 4 years. A polarized government could be seen as a disastrous outcome especially considering that it would be a lot easier for the US to rise from the economic ashes of 2020 together. If the population has decided that person is Biden then it seems he has his work cut out for him and that is of course assuming that the person in second place concedes graciously. We'll continue to keep a close eye on further developments.
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