Asian session review: the dollar rose strongly against most major currencies

During today's Asian trading, the US dollar has grown steadily, the prices of US Treasuries are rising amid the ongoing counting of votes in the US presidential election.

The fight between Democratic presidential candidate Joe Biden and incumbent President Donald Trump has turned out to be more intense than expected.

According to the latest data, Biden is ahead of Trump, gaining 224 electoral College votes out of the necessary 270, with 212 votes for trump. However, Trump has gained support in a number of important states in the southern United States, and this may significantly reduce Biden's advantage in the final results, making it less obvious. Trump, in the case of a small lag behind Biden, can challenge the election results.

In these conditions, the demand for the most reliable assets, including the dollar and US Treasuries, is growing.

A clear Biden victory would mean that the authorities would adopt a large-scale program of measures to support the economy, which is in a difficult situation due to the coronavirus pandemic. Vote counts are likely to take days, as a record number of Americans have voted early or by mail this year due to the coronavirus pandemic. And if the results of early voting are taken into account immediately, then processing mail takes more time.

The ICE index, which tracks the dynamics of the US dollar against six currencies (Euro, Swiss franc, yen, canadian dollar, pound sterling and Swedish Krona), rose 0.6%.