Dollar slides, stocks rise as markets lean toward Biden
Last updated on: 04 November,2020 05:02 am
The dollar slid on the notion a Biden victory would weaken the greenback.
NEW YORK (Web Desk) - The dollar slid and global equity markets rose Tuesday on bets of increased stimulus if Joe Biden wins the US presidential election against President Donald Trump, but gold prices gained on the prospect of contested voting results.
Stocks climbed in Asia after the Reserve Bank of Australia cut interest rates to near zero and boosted its bond-buying program, a precursor to expectations the Bank of England on Thursday will also ramp up its bond purchases.
The dollar slid on the notion a Biden victory would weaken the greenback. The former Democratic vice president is expected to boost stimulus spending and be less combative on trade, which would lift other currencies at the dollar s expense.
Biden has held a strong lead in national polls, but Republican Trump is close enough in swing states possibly to gain the 270 Electoral College votes needed to retain the presidency.