U.S. dollar on a rampage over high odds on Trump’s presidency
The U.S. dollar surged higher in Asia on Wednesday as speculators placed wagers that Republican Donald Trump would win the U.S. presidential election, even though it was officially still too close to call.
The first states to report were firmly Republican, giving Trump an early advantage against Kamala Harris. Crucial battleground races in the few states that would decide the election.
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As speculators wagered that Donald Trump would defeat Kamala Harris in the fiercely contested US presidential election, the dollar hit its highest level since July.
The dollar, which had dropped to a two-week low against a basket of currencies earlier Tuesday, jumped to more than recover its losses as investors’ concerns about the election’s consequences and market fears spread throughout markets.
Known as a “Trump trade,” Bitcoin soared beyond $75K to hit its highest point ever, based on the belief that, should he be elected, the former president would leniently regulate cryptocurrency.
US stocks ended Tuesday’s trading session with their largest gains in six weeks as anxious investors awaited the election result, which is expected to affect world markets. The S&P 500 closed the day 1.2% higher, its highest level since mid-September, while the tech-heavy Nasdaq Composite increased 1.4%.
Investors are concerned there wouldn’t be much certainty over the election’s outcome before the Federal Reserve and the Bank of England make crucial interest rate-setting decisions on Thursday,
The Vix index, which serves as Wall Street’s “fear gauge,” reached a high of 23.4 late last week before dropping to about 20.5. Tuesday’s robust equity market returns likely contributed to the drop in anticipated short-term volatility.
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