US President-elect Biden wins Electoral College to cement victory and rebuff Trump – Bloomberg

While pouring cold water on the face of the Trump administration’s hopes of US election victory, Bloomberg came out with the news suggesting Democratic Party candidate’s victory in the Election College.

Key quotes

Joe Biden officially clinched the presidency after the Electoral College confirmed his victory Monday, capping a tumultuous period sparked by Donald Trump’s refusal to acknowledge he lost with the help of Republicans willing to support his unsubstantiated claims.

The 55 votes from California electors put Biden over the 270 needed to win. 

FX implications

As the news isn’t surprising the markets, due to the already known facts, risks remain heavy while eyeing the latest coronavirus (COVID-19) resurgence and Brexit uncertainty. However, an end to the US political dilemma can offer extra strength to the market’s risk-on mood when triggered.