BREAKING: Dollar Hits Two-Month Low after Biden's Presidential Victory

SYDNEY (Reuters) - The dollar hit a 10-week low on Monday as investors heralded Joe Biden’s election as U.S. president by buying trade-exposed currencies on expectations that a calmer White House could boost world commerce and that monetary policy will remain easy.

The Chinese yuan struck a 28-month peak, the New Zealand dollar made a 19-month high and the Australian dollar hit a seven-week top as the dollar index fell to its lowest since early September.

The South Korean won hit a 21-month high of 1,115.33 per dollar. Sterling hit its highest in more than two months while the euro rose 0.1%, extending an almost 2% gain from last week to hit a two-month high of $1.1895.

The broad dollar weakness had the yen a touch firmer against the U.S. dollar and just below Friday’s eight-month peak of 103.18 yen per dollar, while lower U.S. bond yields also made Treasuries less attractive to prodigious buyers in Japan.

The yuan, particularly sensitive to the election outcome because of a perception that Biden will take a softer or more predictable line on China, was also boosted by strong Chinese trade data over the weekend to stand at 6.5826 per dollar.

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