Safe-haven currencies - USD, JPY and CHF - depreciated in the European session on Monday as investors’ risk appetite improved after Democrat Joe Biden was informally declared the winner of the U.S. presidential race. Incumbent U.S. President Donald Trump, however, threatened to challenge the results.

Markets hope that the U.S. trade policy, under a Biden administration, will be less protectionist, boosting global commerce and that the U.S. Federal Reserve's monetary policy will remain easy.

Investor sentiment was also supported by the report from Pfizer (PFE) and BioNTech (BNTX) that their COVID-19 vaccine candidate was more than 90% effective for people without prior evidence of infection.