US Congress approves Electoral College result naming Biden winner of US Presidency

Dhwani Mehta FXStreet

As US President-elect Joe Biden’s certified electoral votes exceeded 270 level, Vice President Mike Pence announced Congress' acceptance of Electoral College vote results.

The approval clears the way for Biden to take over as the 46^th President of the US on January, 20.

Here’s the statement by President Donald Trump on the Electoral Certification

“Even though I totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on January 20th. I have always said we would continue our fight to ensure that only legal votes were counted. While this represents the end of the greatest first term in presidential history, it’s only the beginning of our fight to Make America Great Again!”

Market reaction

The US dollar index spiked to a daily high of 89.64 on the above announcement before easing to 89.55, where it now wavers. The spot trades modestly flat on the day, having recovered from multi-month lows of 89.22.

The bounce is the greenback is mainly driven by the rally in the US Treasury yields across the curve amid expectations of reflationary trades.

The S&P 500 futures hold onto the intraday gains of 0.65% to hover near 3,765, at the time of writing.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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