Chinese Yuan banknotes are seen in this illustration taken February 10, 2020. REUTERS/Dado Ruvic/Illustration/Files
Still, a steep dollar selloff, which just posted its worst quarter in three years as expectations for a swift recovery from the COVID-19 recession made investors exit safe havens, has helped currencies in less developed countries rise. That comes despite deep economic troubles from the pandemic. A Reuters/Ipsos poll on Sunday found 51% of voters were backing Democrat Joe Biden while 41% said they were voting for President Donald Trump.The Chinese yuan, the most actively traded emerging market currency but also tightly managed by its local authorities, was predicted to edge up about 1% to 6.70 per dollar in a year from now.
All but one of 68 FX strategists who answered an additional question said already-high volatility in emerging market currencies would increase rapidly or remain the same over coming months. “The move is consistent with a lower likelihood of a contested and delayed result, but resulting in outsized moves in the rouble and lira as the race, according to prediction markets, has moved in favour of Biden in recent days.”
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