The President-elect Joe Biden’s lead in Pennsylvania is greater than the margin needed to trigger a recount, which is a major blow to the Trump campaign contesting the election result.
Wha markets might be more attentive to are the runoffs in Georgia as these will determine which party controls the chamber.
”Biden’s transition team is tailoring its plans to two drastically different outcomes, preparing an ambitious agenda in case Democrats can win both races and take control of the Senate, and a more pared-back one in case they fall short,” The New York Times wrote.
The Republicans are on track to control 50 Senate seats and Democrats 48.
The twin runoffs on Jan 5 will determine just how much power Joe Biden can wield from the White House and ultimately, how much influence his democratic policies will have over Wall Street, financial and commodity markets.
DXY in focus
The US dollar has firmed on the latest vaccine news and the basis that the Senate is presumed to be run by the Republicans.
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However, anything to the contrary of such an outcome, or the risks thereof, and with the welcomed vaccine news wearing off considering the surging cases of the coronavirus, the dollar could be reaching a near peak, both fundamentally and technically.
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