Dollar Retreats to Lowest Since 2018 on Prospects of Biden Win
- Greenback falls versus G-10 peers as gauge declines 1%
- Yen strengthens past 104 per dollar for first time since March
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The dollar dropped to its lowest level in more than two years as Joe Biden looked increasingly likely to claim the U.S. presidency, while the Federal Reserve kept its policy rate near zero and highlighted the importance of more stimulus.
The Bloomberg Dollar Spot Index fell as much as 1.1% to the lowest since May 2018. That came as the euro rallied as much as 1.1% and the yen strengthened past 104 per dollar, a resistance level dating back to 2016 that was broken briefly during virus-induced market panic in March.