Nov 24, 2020 14:57 UTC
  •  Euro and Australian dollar gain as US transition goes ahead

Currencies including the Australian dollar and the euro rose on Tuesday after US President Donald Trump accepted the start of a transition to a Biden regime on Treasury secretary.

The New Zealand dollar was among the major gainers, rising as much as 0.9% to a two-year high of $0.6985, after the country's government sought advice from the central bank on how it could help stabilize property prices, prompting investors to unwind some bets of more monetary easing.

Trump gave the head of the General Services Administration the go-ahead to proceed with a transition to a government led by Joe Biden despite plans to continue with legal challenges.

Against a basket of other major currencies, the greenback edged 0.12% lower to 92.396, hovering just above a near three-month low of 92.013 hit on Monday. The Australian dollar ticked up 0.4% to $0.7313 while the euro rose 0.1% at $1.1852.

The dollar also struggled after AstraZeneca further lifted investors' appetite for risk by saying its COVID-19 vaccine could be about 90% effective and it would prepare to submit data to authorities around the world that have a framework for conditional or early approval.

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