Dollar Rises Against Major Counterparts After Trump Wins Presidential Election
2024-10-29
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(fxcue news) - The U.S. dollar climbed to a four-month high on Wednesday, firming against its major counterparts in the process, as Donald Trump won the Presidential Election, defeating the Democratic candidate Kamala Harris.
Trump's win has renewed optimism about economic growth policies that could lift bond yields higher and boost inflation, and keep interest rates at higher levels for longer.
Traders also looked ahead to the Federal Reserve's monetary policy announcement on Thursday and the Fed Chair Jerome Powell's speech.
The dollar index surged to 105.44 this morning, and remains fairly high up at 105.13, gaining 1.65% from the previous close.
Against the Euro, the dollar has strengthened to 1.0732 from 1.0932 a unit of the European currency. Against Pound Sterling, the dollar has firmed to 1.2885 from 1.3042.
The dollar is up sharply against the Japanese currency, gaining nearly 2% at 154.58 yen, and is up more than 1% against the Aussie, at 0.6570.
The Swiss franc has weakened to 0.8765 a unit of the U.S. currency from 0.8631. The Loonie is down at 1.3938 a unit of the greenback, easing from 1.3827.
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