Dollar continues to bleed on Friday

The greenback has been sharply lower this week, and its demise continued on Friday. The EURUSD pair was up 0.20% near 1.1850, cable was trading at around 1.3150, and the USDJPY pair fell toward the 103 threshold.

It looks like Biden beating Trump for the presidency, despite suspicious behaviour in some swing states. However, Republicans will keep control of the Senate, allowing them to block Democratic plans for hefty infrastructure spending and corporate tax hikes.

Yesterday’s FOMC decision failed to bring any news, and it was nearly identical to the September one. But investors are already pricing in more QE, which might come in December, considering the chances for a large fiscal stimulus have dropped substantially. 

Additionally, the ECB is also expected to announce more QE in December. Therefore, equities should continue to rise steeply as more money is flooding into markets, despite lockdowns and recession.

Later in the day, the US NFPs for October are due, and analysts forecast a decline to 600,000 from 660,000 previously. That should be another bullish for US stocks. 

Source: https://www.axiory.com/market-news/dollar-continues-to-bleed-on-friday