Dollar at one-year high as Trump trade momentum eclipses Fed easing view
Federal Reserve easing.
Cryptocurrency bitcoin also shot to a fresh record high of $93,480 overnight, and was rising back towards that level early in Asia's day. Trump has vowed to make the United States «the crypto capital of the planet».
Higher trade tariffs and tighter immigration under the incoming Trump administration are projected to fuel inflation, potentially slowing the Fed's rate cutting cycle longer term. Expectations for deeper deficit spending are lifting Treasury yields, providing the dollar with additional support.
The President-elect's Republican Party will control both houses of Congress when he takes office in January, Edison Research projected on Wednesday, giving him sweeping power to push his agenda.
«The USD is a magical currency backed by carry, momentum, growth differentials, (and) impending fiscal and tariff kickers,» said Chris Weston, head of research at Pepperstone.
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