EUR/USD extends last week's gains to hit multi-week highs as investors buy risk and offer the safe-haven US dollar on expectations of more monetary stimulus and less confrontational policies under Democrat Biden's leadership.
The pair is currently trading in the green at 1.1893, the highest level since Sept. 15, having rallied by nearly 2% last week. Lastly, Biden favors a multilateral approach to outgoing President Trump's unilateral policies and is likely to adopt a less confrontational attitude while dealing with China, the European Union, and other nations. As such, investors are buying risk, sending stocks higher, and the safe-haven US dollar lower. The dollar index, which tracks the greenback's value against majors, has slipped to a 10-week low of 92.16.