Dollar weakens with Biden closer to victory & may go even lower

The US dollar

The US dollar traded lower against other major currencies on Thursday as President Donald Trump sued states over alleged election irregularities, while his rival, Democrat Joe Biden, pulled ahead in electoral votes.

The dollar index, which tracks the greenback against a basket of currencies, was down about 0.6 percent, before partly erasing the losses. The US currency depreciated against the British pound and the yen by around 0.2 percent, and briefly slipped to its weakest level in more than two years against the Chinese yuan. It was also down against the Canadian dollar as well as Australian and New Zealand dollars.

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