Risk currencies soar as Trump steps down from office; Yellen tops Biden’s options

Risk-sensitive currencies advanced on Tuesday. The jump was mainly from investors’ upbeat sentiment as U.S. President Donald Trump accepted President-elect Joe Biden’s White House transition. Moreover, Biden plans on giving former Federal Reserve Chair Janet Yellen the Treasury secretary position.

The Australian dollar recorded a 0.4% increase, currently quoted at $0.7313. Meanwhile emerging market currencies such as the Mexican peso and the South African rand had advanced about 0.4%.

The New Zealand dollar increased 0.9%, hitting a two-year peak of $0.6985. This followed after the country’s government consulted the Reserve Bank of New Zealand regarding the stabilization of property prices. This move had prompted investors to implement more monetary easing.