Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E (Adds...

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    (Adds Fed statement, quote, updates prices)

    The U.S. dollar fell to a two-week low against a basket of currencies and a seven-month low against the Japanese yen as surging stock markets reduced demand for the greenback, and as the Federal Reserve kept its loose monetary policy intact.

    Stocks jumped as bets on Republicans retaining control of the Senate eased worries of major policy changes that could hurt corporate America under a Joe Biden White House, even as the presidential election hung in the balance.

    Democrat Biden on Thursday inched nearer to victory over President Donald Trump in an exceedingly close U.S. election that hinged on razor-thin margins, while the Republican president launched a flurry of lawsuits hoping to slow down his opponent.

    But the so called "blue wave," where Democrats also take control of the Senate in congressional elections, looked unlikely.

    “The investor class loves the idea of a Democratic president and a Republican Senate that will return back to essentially a steady, normal state of affairs,” said Boris Schlossberg, managing director of FX strategy at BK Asset Management in New York.

    The dollar index fell 0.95% against a basket of currencies =USD to 92.51.

    The euro EUR= jumped 0.99% to $1.1838. The dollar dropped 0.95% against the Japanese yen JPY= to 103.49 yen, the lowest since March 12, and breached technical support at 104 yen that will now likely form resistance.

    The yuan CNH= gained to a more than two-year high of 6.5994. The Chinese currency has been heavily affected by Sino-U.S. disputes since the outbreak of a bilateral trade war in 2018.

    The dollar has been hurt by the Fed's zero rate policy and ongoing bond purchases as the U.S. central bank aims to stimulate growth after the economy was ravaged by business shutdowns due to COVID-19.

    The U.S. central bank on Thursday pledged again to do whatever it can in coming months to sustain a U.S. economic recovery.

    It was "virtually unchanged from the previous meeting’s message," said Lou Brien, a market strategist at DRW Trading in Chicago.

    Some analysts say the Fed may need to act further to boost the economy if there is no large fiscal spending, though others note that it is running out of tools.

    If Treasury yields rise meaningfully the Fed is expected to shift more of its bond purchases to longer-dated debt to keep the rates low.

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    	Currency bid prices at 3:00PM (2000 GMT) 
    
     Description	  RIC		 Last		   U.S. Close  Pct Change	 YTD Pct	 High Bid	Low Bid 
    											  Previous				   Change				  
    											  Session											
     Euro/Dollar	  EUR=		$1.1838		$1.1722	 +0.99%		 +5.60%	  +1.1859	 +1.1712 
     Dollar/Yen	   JPY=		103.4900	   104.4800	-0.95%		 -4.93%	  +104.5500   +103.4900 
     Euro/Yen		 EURJPY=	 122.51		 122.53	  -0.02%		 +0.46%	  +123.1600   +122.2200 
     Dollar/Swiss	 CHF=		0.9039		 0.9124	  -0.93%		 -6.56%	  +0.9135	 +0.9044 
     Sterling/Dollar  GBP=		1.3143		 1.2985	  +1.22%		 -0.88%	  +1.3146	 +1.2932 
     Dollar/Canadian  CAD=		1.3035		 1.3139	  -0.79%		 +0.41%	  +1.3177	 +1.3028 
     Australian/Doll  AUD=		0.7283		 0.7173	  +1.53%		 +3.73%	  +0.7289	 +0.7146 
     ar																							  
    
     Euro/Swiss	   EURCHF=	 1.0705		 1.0690	  +0.14%		 -1.35%	  +1.0726	 +1.0687 
     Euro/Sterling	EURGBP=	 0.9005		 0.9025	  -0.22%		 +6.52%	  +0.9071	 +0.8997 
     NZ			   NZD=		0.6771		 0.6694	  +1.15%		 +0.52%	  +0.6777	 +0.6680 
     Dollar/Dollar																				   
    
     Dollar/Norway	NOK=		9.1703		 9.3174	  -1.58%		 +4.46%	  +9.3675	 +9.1472 
     Euro/Norway	  EURNOK=	 10.8578		10.9269	 -0.63%		 +10.37%	 +10.9740	+10.8218 
     Dollar/Sweden	SEK=		8.6972		 8.7772	  +0.01%		 -6.96%	  +8.8034	 +8.6657 
     Euro/Sweden	  EURSEK=	 10.2940		10.2928	 +0.01%		 -1.67%	  +10.3180	+10.2680                    
 
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