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US Dollar, Treasurys Rise As Mike Pence Rejects Trump’s Call To Overturn 2020 Election

January 6, 2021 at 18:28 by Andrew Moran

US dollar banknotes and coinsThe US dollar found support on Wednesday after a barrage of American political developments dominated the news cycle. The greenback recorded modest gains against many of its currency rivals in the aftermath of the Georgia special election. Vice President Mike Pence also impacted the financial markets by declaring that he is not overturning November’s presidential election result.

Speaking at the Save America March, President Donald Trump demanded that Vice President Pence “do the right thing” by objecting to votes for Joe Biden. However, as he delivered the remarks, Pence confirmed in a letter to Congress that he would not reject the 2020 election.

Ahead of the Joint Session of Congress, Pence wrote to lawmakers:

It is my considered judgement that my oath to support and defend the Constitution constrains me from claiming unilateral authority to determine which electoral votes should be counted and which should not.

Here is the full letter:

In the Peach State, the media have yet to declare Jon Ossoff as the winner in his electoral battle against Senator David Perdue (R). However, Ossoff declared himself the victor, and election officials say that the Democratic challenger’s lead will inevitably grow even further.

Ossoff has 50.2% of the vote, compared to Perdue’s 49.8%.

Raphael Warnock was declared the winner in his race against Senator Kelly Loeffler (R), earning 50.6% of the vote to the incumbent’s 49.4%.

This would give Democrats a majority in the US Senate, allowing President-Elect Joe Biden to advance his agenda. The news allowed financial markets to stage a huge rally since it creates more certainty and could allow lawmakers to pass additional fiscal stimulus and relief packages.

The bond market was green across the board, with the benchmark 10-year Treasury note rising 0.091% to 1.046%. The one-year note edged up 0.008% to 0.109%, while the 30-year bond jumped 0.117% to 1.821%. In overnight trading, the 10-year Treasury topped 1% for the first time since March.

The US Dollar Index, which measures the greenback against a basket of currencies, rose 0.13% to 89.55, from an opening of 89.44. The DXY has had a rough beginning to 2021, sliding 0.4%.

The USD/CAD currency pair climbed 0.05% to 1.2677, from an opening of 1.2670, at 17:22 GMT on Wednesday. The EUR/USD rose 0.04% to 1.2306, from an opening of 1.2298.

If you have any questions, comments, or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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