Thursday, September 29, 2022

Dollar Falls From Highs as Biden Gains Momentum By


By Yasin Ebrahim – The dollar fell from highs Thursday as signs that former Vice President Joe Biden’s bid for the White House is gathering pace resumed concerns about a hike in spending from Democrats, though the fading prospect of a blue wave kept losses in check.

The , which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.14% to 93.43, but had been as high as 94.32.

President Donald Trump’s path to remain in the White House has suffered a blow after former vice president Joe Biden increased his lead over the president following a win in Wisconsin.

Biden leads Trump 248-213, with 270 needed to emerge victorious. 

Deutsche Bank (DE:) shifted to a neutral dollar on election uncertainty following earlier results showed Trump was in the lead. 

The recent weakness in the dollar was led by bets the greenback would weaken on a blue wave – Democrats taking both the White House and Congress – that would have added to debt levels, increasing the deficit and likely weighing on the world’s reserve currency, Deutsche Bank said.  “We no longer see a compelling narrative of dollar weakness into year-end.”

In a blow to hopes of a blue wave, Senator Susan Collins, Republican of Maine, unexpectedly clung onto her seat in Maine, denying Democrats a key senate seat that many expected would be tightly contested.



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