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FOREX-Dollar dips in nervous trade as Biden inches closer to White House

* Traders on tenterhooks as U.S. election goes to the wire * Cable hit by report BOE considering negative rates * Dollar also in focus before Fed meeting By Stanley White TOKYO, Nov 5 (Reuters) – The dollar slipped to its weakest level in more than two years against the yuan and ground lower against

other Asian currencies as Democrat Joe Biden edged ever so closer to the White House in a nail-biting U.S. presidential election. Financial markets, however, were braced for days or even weeks of uncertainty as Republican incumbent President Donald Trump has opened a multi-pronged attack on vote counts in several states by pursuing lawsuits and a recount. That could hamper the dollar in the short run, traders say. Elsewhere, sterling fell against the dollar and the euro after a media report that the Bank of England, which announces a policy decision later on Thursday, is considering negative interest rates. The Federal Reserve, which is expected to keep policy on hold on Thursday, is also in focus as traders navigate market volatility in the wake of a knife-edge U.S. election that has pushed up the yuan and the Mexican peso. Biden has claimed the pivotal Midwestern states of Wisconsin and Michigan. Late reporting showed the former vice president with a lead in Nevada and Arizona, while Trump held a lead in Georgia. Expectations that a Biden win will take a slightly softer tone on trade policy is likely to weaken the dollar against the currencies of countries that…

Stanley White

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