Joe Biden wins the 2020 presidential election!

November 07, 2020 18:14

Former Vice President and 2020 presidential election candidate Joe Biden has won enough votes to become the 46th President of the United States, with AP, CNN and NBC news outlets confirming the count.

Biden received more than 74 million votes which surpassed the record amounts of votes for Barack Obama. Biden defeated Trump in a fiery election campaign with a pledge to unify the country and mend the nation affected by the coronavirus pandemic, a failing economy and deep divisions.

However, Donald Trump issued a statement refusing to accept the presidential election and his team have issued more lawsuits to remove some of the ballots. In fact, Trump went on a rant live on TV stating illegal ballots were being counted. No evidence has been found. Major networks pulled their feeds from Trump as he continued to lie about the election process.

Control of the Senate will not be known until January, around the same time Joe Biden will be sworn in as president. The Democrats have retained a majority in the House of Representatives.

Key markets and risks to focus on:

  • Markets may go up or down when they open on Monday so be mindful of risk.
  • As Biden may try to push through an extensive stimulus package, the US dollar may continue to face pressure.
  • Stock sectors such as renewable energy, industrials and health care may continue to outperform as Biden built his election on a 'green recovery' and access to healthcare.

Did you know that you can speculate on the direction of the US Dollar against a variety of other currencies using Contracts for Difference (CFDs)? This allows you to potentially profit from both rising and falling markets.


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