November 06 2020 : 07:54
Dollar holds ground, more losses seen as US election drags on
The dollar steadied against many currencies on Friday but traders say more losses are likely as a contentious US presidential election diminished hopes for large stimulus to support the economy any time soon.
Investors are betting that Democrat Joe Biden will become the next president but Republicans will retain control of the Senate, which will make it difficult for the Democrats to pass the larger fiscal spending package they have been pushing.
Biden maintains an edge over President Donald Trump, but a few important states are still counting votes and Trump is mounting legal challenges to vote counts, so there is still a high degree of uncertainty.
The dollar index against a basket of six major currencies stood at 92.641, close to a two-week low. For the week, the dollar index was down 1.5%, on course for its biggest drop in almost four months.
-Reuters
US ELECTIONS | State judges toss out Georgia and Michigan lawsuits
President Donald Trump's campaign lost court rulings in the closely contested states of Georgia and Michigan on Thursday, even as it vowed to bring a new lawsuit challenging what it called voting irregularities in Nevada.
Image: GETTY IMAGES/ CHIP SOMODEVILLA
November 06 2020 : 07:54
Dollar holds ground, more losses seen as US election drags on
The dollar steadied against many currencies on Friday but traders say more losses are likely as a contentious US presidential election diminished hopes for large stimulus to support the economy any time soon.
Investors are betting that Democrat Joe Biden will become the next president but Republicans will retain control of the Senate, which will make it difficult for the Democrats to pass the larger fiscal spending package they have been pushing.
Biden maintains an edge over President Donald Trump, but a few important states are still counting votes and Trump is mounting legal challenges to vote counts, so there is still a high degree of uncertainty.
The dollar index against a basket of six major currencies stood at 92.641, close to a two-week low. For the week, the dollar index was down 1.5%, on course for its biggest drop in almost four months.
-Reuters
November 06 2020 : 07:45
US Postal Service says 1,700 ballots found in Pennsylvania facilities
The US Postal Service said about 1,700 ballots had been identified in Pennsylvania at processing facilities during two sweeps Thursday and were in the process of being delivered to election officials.In a court filing early Friday, USPS said about 1,070 ballots, had been found at the USPS Philadelphia Processing and Distribution Center.
About 300 were found at the Pittsburgh processing center, 266 at a Lehigh Valley facility and others found at other Pennsylvania processing centers.
Ballots must be received by Friday evening in Pennsylvania in order to be counted. The vote for the US president remains extremely close and Pennsylvania is one of the states that remains undecided.
- Reuters
November 06 2020 : 06:28
Trump campaign loses legal fights in Georgia and Michigan, vows Nevada lawsuit
State judges tossed out both lawsuits on Thursday.
James Bass, a Superior Court judge in Georgia, said there was “no evidence” that the ballots in question were invalid.
In the Michigan case, Judge Cynthia Stephens said: “I have no basis to find that there is a substantial likelihood of success on the merits.”
A Trump campaign spokesperson did not respond to requests for comment on the Michigan and Georgia rulings.
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