Dollar holds firm ahead of US inflation, bitcoin targets fresh highs
The dollar is reaping the benefits of Republican Donald Trump's victory in the U.S. presidential election last week, with investors pricing in policies of lower taxes and trade tariffs under the incoming administration that are seen as inflationary. [US/].
The Trump trade has pushed up U.S. Treasury yields as markets wager the Federal Reserve may temper the extent of its future rate cuts [US/].
The President-elect's Republican Party looks set to control both chambers of Congress when Trump takes office in January, Decision Desk HQ projected on Monday, enabling him to push an agenda of slashing taxes and shrinking the federal government.
The U.S. dollar index, which measures the currency against a basket of currencies, tacked on 0.02% to 106.01, not far from Tuesday's high of 106.17, its strongest since May 1.
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