The dollar was up slightly against the euro on Wednesday in a relatively calm market, as traders still digest the results of the US election and progress on a vaccine for Covid-19.

Around 10:45 GMT, the greenback gained 0.23% against the euro, to $ 1.1790 to the euro, and 0.11% against the British pound, to $ 1.3258 per pound.

"As always when a new administration takes hold, the financial market will be watching for the slightest signal about the direction that could be taken," said Derek Halpenny, an analyst at MUFG.

US President-elect Joe Biden held talks with six world leaders, "which is already a sign of a more multilateral approach," Halpenny said.

Before the election, many analysts predicted that a joe Biden victory, a sign of massive investments to cope with the economic crisis caused by the Covid-19 pandemic, would weigh on the dollar.

And on Friday, the index that compares the dollar to other major currencies flirted with its lowest since 2018, as Biden's victory was confirmed.

But two elements complicate this analysis: the Democrats have little chance of winning a majority in the Senate, which risks handicapping the adoption of an ambitious stimulus plan, and the announcement of progress on a vaccine against Covid-19.

"Senate Republican leader Mitch McConnell saw the vaccine as an opportunity to scale back the stimulus package that will be deployed," said Geoff Yu, an analyst at BNY Mellon markets.

On the euro side, on the other hand, the European Central Bank is expected to increase its support for the economy at its December meeting.

"ECB President Christine Lagarde will speak at the opening of the ECB's annual forum. More support for the economy is on the way, but it is already expected by the market, the message was explicit at the last monetary policy meeting," said Kit Juckes, an analyst at Societe Generale.