The US dollar still maintains profits

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The euphoria is gradually declining after the US presidential election, but the division of a large percentage of the United States remains. Thankfully , the scenario regarding an outbreak of civil war in one of the US states has not yet materialized. According to the latest polls, up to 80% of the US population already accepts Democrat Joe Biden as the winner of the election and future US President. Also, the drastic decline in the exchange rate of the US dollar (USD) in connection with the election result and Donald Trump’s failure to acknowledge that he lost did not actually occur, and according to financial market analysts, this is almost unlikely.

On 12 November 2020, at 6:57 am CET the exchange rate of the USD strengthened against both the single European currency, the Euro (EUR) and the Canadian dollar (CAD). On the other hand, it is currently weakening against the Japanese yen (JPY) or the Swiss franc (CHF). At the same time, according to the US Dollar Currency Index (DXY) the USD was seen at the price level of 93.04. The global currency pair EUR/USD traded on the foreign exchange – Forex market at a mutual exchange rate of US$ 1.177 per EUR, with the daily strengthening of the USD by +0.076% of the exchange rate against the EUR. In contrast, the USD loses its daily exchange rate by -0.19% against the JPY, trading at JPY 105.22 per US$.

The USD changed its exchange value not only against the EUR, but as investors began to trust the USD again this also caused weakening of the Czech koruna (CZK) against the USD. On 12 November at 6:54 am CET, the USD/CZK currency pair traded on the Forex market at a mutual exchange rate ranging from CZK 22.4490 to 22.4880 per US$, with the daily strengthening of the USD by +0.15% against CZK. Looking at the European Union countries that do not yet belong to the euro area, the USD also strengthened against the Polish zloty (PLN), when at the stated time the mutual exchange rate was PLN 3.811 per US$ with the current daily appreciation of the USD by +0.19% against PLN. The USD also strengthened against the British pound (GBP) and the GBP/USD currency pair traded at a mutual exchange rate of US$ 1.319 per GBP with daily USD appreciation of +0.227% against the GBP.

According to economic correspondents, the domestic currency of the USA as the main global commodity currency, the USD, has held broad gains on Thursday morning of 12 November after investors have adjusted some of their expectations regarding the development and, in the near future, the possibility of widespread use of the Covid-19 virus vaccine. With this approach, based on subsequent investor sentiment, they have clearly mitigated the recent rise in risky assets while maintaining sufficient confidence to support the exchange rate of the USD against other safe havens. By this, economic correspondents primarily mean the gold commodity market, when its price fell again below the price limit of US$ 1,900 per troy ounce and on 12 November at 7:26 am CET, the gold traded at US$ 1,866.90 per troy ounce on the Commodities Exchange (COMEX) market.

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