(fxcue news) - A historic win for former President Donald Trump in the U.S. Presidential elections boosted the U.S. Dollar and lifted the Dollar Index for the 6th week in a row. Despite the Fed's rate cut weakening the greenback, the U.S. Dollar gained against the euro, the British pound, the Swedish krona as well as the Swiss franc during the week ended November 8. It however slipped against the Australian Dollar, the Japanese yen and the Canadian dollar. The Dollar Index or DXY added 0.69 percent and touched a four-month high during the week ended November 8, amidst euphoria that followed Trump's commanding electoral victory. The second rate cut by the Fed as well as the signaling of future rate cuts however capped gains for the Dollar Index. The Federal Reserve Open Markets Committee in its monetary policy review on Thursday unanimously decided to lower the target range for the federal funds rate by 0.25 percentage point to 4.5 to 4.75 percent. The FOMC, that seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run reiterated that the risks to achieving its employment and inflation goals were roughly in balance. The Dollar Index which was at 104.28 on November 1 rallied to close at 105.00 on November 8. The week's trading range was slightly wider, with a low of 103.37 recorded on Tuesday and a high of 105.44 recorded on Wednesday. The EUR/USD pair plunged more than a percent during the week ended November 8 amidst concerns about the potential impact of Trump administration's policies on Eurozone's exports, as well as the collapse of Germany's coalition govt. The pair slipped to 1.0718 on Friday from 1.0834 a week earlier. The past week's high of 1.0937 and low of 1.0681 were both recorded on Wednesday in the aftermath of the election result announcement in the U.S. The sterling edged down 0.04 percent during the week ended November 8 that saw Bank of England deliver its second rate cut since 2020. As widely expected, the Bank of England slashed rates by 25 basis points to 4.75 percent from 5 percent. The GBP/USD pair declined to 1.2921 on November 8 from 1.2926 a week earlier. The week's high of 1.3047 and low of 1.2832 were both recorded on Wednesday as markets digested Trump's resounding electoral victory. The hawkish pause by the Reserve Bank of Australia on Tuesday helped the Aussie record gains of more than 0.30 percent against the U.S. Dollar during the week ended November 8. The RBA maintained rates steady for an eighth meeting in a row as it awaits more evidence that inflation would soon return to its preferred target range. From the level of 0.6559 recorded on November 1, the AUD/USD pair rose to 0.6580. The pair touched a high of 0.6687 on Thursday and a low of 0.6510 on Wednesday. The yen rallied amidst uncertainty over Bank of Japan's monetary policy outlook and fears of regulatory intervention in the currency market. Minutes of the recent meeting of the Bank of Japan released on Tuesday showed policymakers split on the question of more rate hikes. The USD/JPY slipped during the week ended November 8, closing at 152.63 on Friday versus 152.98 on November 1. The pair ranged between the low of 151.27 on Wednesday and the high of 154.71 on Thursday, the highest level since July. At the onset of the new week, the 6-currency DXY has rallied to 105.53 as markets price in the potential impact of Donald Trump's policies on taxation, inflation and the headroom available to the Fed for further monetary easing. Crucial data including consumer price inflation, producer price inflation and retail sales as well as a speech by Jerome Powell are scheduled for the week. The EUR/USD pair has declined to a more than four month low of 1.0650 amidst renewed tariff worries. The GBP/USD pair has decreased to 1.2879. The AUD/USD pair is flat at 0.6580 amidst disappointment over the extent of stimulus measures from China. Amidst the yen's weakness, the USD/JPY pair has jumped to 153.84.