Global markets reacted to the expected announcement of former U.S. President Donald Trump as the 47th President of the United States on Wednesday morning, factoring in the likelihood that he will pursue looser fiscal policies alongside protectionist measures, such as tariffs.
The foreign exchange (FX) market took center stage, with the USD hitting a 4-month high as news of Trump’s probable victory spread. The USD index, which measures the dollar against a basket of major currencies, climbed to 104.97 at 12:14 UTC+2.
Currencies from developing markets, along with the yuan and euro, continued their downward trend, impacted by concerns over Trump’s “America First” stance and anticipated trade tariffs.
On Wednesday, the euro experienced its sharpest drop since the COVID crisis, falling over 1.75% to 1.0740, as reported by Euronews.
Politico commented that Europe has been unsettled since Trump remarked in October, “To me, the most beautiful word in the dictionary is ‘tariff.’” The block is jittery over the potential of a new wave of trade conflicts between the U.S., China, and Europe, fearing greater economic strain on Europe this time around.
Meanwhile, in the cryptocurrency market, Bitcoin surged by 8.6% on Wednesday morning, reaching a record high of $75,389, buoyed by the perception that Trump may be more favorable toward cryptocurrencies than Harris.
U.S. stock futures also hit record highs, driven by investor expectations of lower taxes and higher interest rates, according to Reuters. Additionally, the yield on 10-year Treasury notes rose to a four-month high.
Source: tovima.com
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