On Thursday, 3 December, the EUR/USD pair continued the rally, rising 0.27 percent and hitting its highest in two and a half years, established at 1.2148. On the other end, the DXY dollar index fell 0.5 percent on the day to drop to its lowest level of 90.67 for the same period.
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Increased demand for risky assets, due to expectations of the imminent launch of mass production of coronavirus vaccines, remains one of the primary factors leading to the weakening of the US currency.
At the same time, due to the continuing uncertainty after the presidential elections in the States, there could be other explanations for the dollar’s decline linked to political risks. Thus, US President Donald Trump released a video message to the nation on Wednesday, citing evidence of significant electoral fraud and inconsistencies and announcing his intention to continue fighting for the legitimacy and integrity of the electoral system in the country. Public hearings were also held in Michigan yesterday and the day before yesterday, where hundreds of witnesses made statements about irregularities while voting and counting. Similar hearings were held in Pennsylvania and Arizona the day before and Trump’s legal team called for senators to nominate electors from their states separately.
The new President’s supporters are calling on him to impose martial law to avoid an effort to “illegally seize power” through electoral fraud. Thus it is impossible to call the situation with the elections in the United States already resolved, when the political confrontation in the country is only becoming deeper. However in the major U.S. media, these procedures are almost not reported, and their main focus is on candidates for the Biden administration.
With regard to economic events, Fed Chairman Jerome Powell gave a speech yesterday. The head of the regulatory authority reported that there is currently no incentive to decrease bond repurchase programs and reiterated the plan to retain rates close to zero until the economic risks posed by the coronavirus pandemic last.