Wednesday, 25 Nov 2020 07:16 AM MYT
Short of spelling out his defeat after repeated false claims that he had won the November 3 race, President Donald Trump said Monday he told the federal agency that must sign off on the presidential transition to begin the process. “A little bit of decreasing uncertainty on the election front, the market seems pretty favourable on the Yellen announcement, it just seems like one of those good days where all things are moving a little higher,” said Ross Mayfield, investment strategy analyst at Baird.
Bitcoin rose over 5 per cent with US$20,000 in sight, with traders expecting volatility ahead due partly to tomorrow’s Thanksgiving holiday in US markets. In other currency markets the dollar was under pressure from Yellen’s expected push for fiscal stimulus.The Japanese yen strengthened 0.08 per cent versus the greenback at 104.45 per dollar, while Britain’s pound was last trading at US$1.3359, up 0.27 per cent on the day.
“The possibility of having a vaccine next year increases the odds that we’re going to see demand return in the new year,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.