FXStreet reports that Lee Hardman, Currency Analyst at MUFG Bank, notes that Democrat candidate Biden is still on course to become President and that is weighing on the US dollar.

“The final results of the US election have still not been called but market participants are increasingly confident that Joe Biden will become the next President. According to the latest Bloomberg report, he has strengthened his hold on the race. A win for Joe Biden in Pennsylvania which appears increasingly likely would be sufficient for him to become President.”

“In a sign of increasing desperation over the likely outcome of the election, President Trump’s team has been staging a legal fight with mixed results. The developments will heighten concerns as well that he will seek to undermine the incoming administration should he become a lame-duck president.”