Dollar soars, euro tumbles as Trump wins US presidential election
Trump beat Democrat Vice President Kamala Harris to retake the White House while Republicans also won a U.S. Senate majority. Control of the House of Representatives remains in question, with Republicans currently holding a majority.
A full sweep by Republicans would allow the party to make larger legislative changes and in turn would likely provoke larger currency moves.
Trump's policies on restricting illegal immigration, enacting new tariffs, lower taxes and deregulation may boost growth and inflation and crimp the Federal Reserve's ability to cut rates.
«This can push inflation higher and force the Fed to a slower easing path, which is dollar-positive,» said Nikos Tzabouras, senior market specialist at trading platform Tradu.
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