The U.S. Congress has finally confirmed the election of Joe Biden as president, a day after pro-Trump intruders attacked Capitol Hill to protest the election results.
Biden and his comrade-in-arms, Vice President Kamala Harris, garnered 306 electoral votes, 36 more than needed to win the White House. Trump won 232 votes.
President Donald Trump in his latest statement said that although he did not agree with the election results, there would be a smooth transition on January 20.
Following the Congressional decision, the greenback dollar continued to rise from a nearly 3-year low against most major currencies after being driven by a 10-year US Treasury yield increase to its highest level since March 2020 at 1.04%.
This is certainly surprising for investors who expect the US dollar to fall lower following this decision.
However, the surge in US 10-year treasury revenue also shows investor confidence in the global economy will increase following President Joe Biden's victory with more fiscal stimulus implemented.
Meanwhile, the euro continued to decline from its highest level since April 2018 recorded on Wednesday following the resurgence of the greenback dollar.
However, a different situation is indicated by the movement of the pound currency which was re-traded rising above the price level of 1.36000 at the beginning of the European session.
