US Dollar Falling to Lowest Level in More Than Two Years Against Chinese Yuan

The dollar fell to its lowest level in more than two years against the yuan and fell against other Asian currencies, with the Joe Biden approaching the White House in an exciting US presidential election.

The pound weakened against the dollar and the euro after media reports that the Bank of England, which is set to announce a policy decision late Thursday, is considering negative interest rates.

Analysts say expectations that the Biden administration will adopt a softer tone on trade policy is likely to weaken the dollar against the currencies of countries that usually face the threat of tariffs under President Donald Trump.

The yuan rose for a short period in internal transactions to its highest level in more than two years at $ 6.6381, extending its recent gains, as the Chinese currency became a popular bet on Biden’s victory.

Emerging market currencies such as the Malaysian ringgit and the Indonesian rupiah also rose against the US currency. The dollar index, which measures its performance against a basket of six major currencies, reached 93.350, slightly change from the previous session.

The euro reached $ 1.1736 today, improving its performance from the previous session. The pound sterling fell 0.25% to $ 1.2960. The pound slipped 0.33% against the euro to 90.55 pence.

Against the yen, the dollar was little changed, to 104.33.