SHANGHAI, Nov 6 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar fell to a two-week low against a basket of currencies and a seven-month low against the Japanese yen as surging stock markets reduced demand for the greenback, and as the Federal Reserve kept its loose monetary policy intact.

Stocks jumped as bets on Republicans retaining control of the Senate eased worries of major policy changes that could hurt corporate America under a Joe Biden White House, even as the presidential election hung in the balance.

Democrat Biden on Thursday inched nearer to victory over President Donald Trump in an exceedingly close U.S. election that hinged on razor-thin margins, while the Republican president launched a flurry of lawsuits hoping to slow down his opponent.

But the so called “blue wave,” where Democrats also take control of the Senate in congressional elections, looked unlikely.

On Wall Street, stock futures fell slightly on Thursday evening as Wall Street eyed its best week since April even as the results of the presidential election remained unclear.

Futures tied to the Dow Jones Industrial Average lost about 80 points, while those for the S&P 500 and the Nasdaq 100 were down roughly 0.3% and 0.2%, respectively.

The three indexes notched their fourth-straight positive session on Thursday and were on track for their best week since April 9. The S&P 500 and the Dow are up 7% so far this week. The tech-heavy Nasdaq Composite has led the way with a nearly 9% gain. The sharp rally follows a slump in the prior week.

The surge in stocks has come despite lingering uncertainty about the outcome of Tuesday’s election. Democratic nominee Joe Biden leads with 253 electoral votes, according to NBC News projections, while President Donald Trump has 214. Votes are still being counted in several key states including Nevada, Arizona, Pennsylvania and Georgia.

Oil prices dropped on Thursday, weighed down by the steady rise in coronavirus infections and as the outcome of the U.S. presidential election had still not been settled.

Brent crude fell 38 cents, or 0.9%, to $40.85 a barrel and U.S. West Texas Intermediate (WTI) crude settled 36 cents, or 0.9%, lower at $38.79. Both contracts jumped about 4% on Wednesday.

The European Union’s executive commission lowered its economic forecast Thursday morning, adding that said the economy wouldn’t rebound to pre-virus levels until 2023.

Gold bounced to a one-and-a-half month peak on Thursday as growing prospects of a Joe Biden victory in a close U.S. election boosted hopes for larger stimulus and dented the dollar.

Spot gold surged 2.3% to $1,947.16 per ounce, after hitting its highest since Sept. 21 at $1,952.41. U.S. gold futures gained 2.9% to $1,951.80.

“It looks like it's getting more and more clearer that we're going to have a Democratic president next year,” said Michael Matousek, head trader at U.S. Global Investors, adding that it will assure in bigger stimulus plans and weigh on the dollar.

Global stocks jumped, while the dollar fell to a two-week low as Biden inched towards taking the White House following victories in Michigan and Wisconsin.

The seasonally-adjusted Production of Total Industry in Germany for September, US Unemployment Rate for October, US seasonally-adjusted Nonfarm Payroll Employment for October and the Monthly Sales of Wholesale Trade in US for September are set to release today.