Tuesday, November 5, 2024
Year : 2, Issue: 10
Reuters: The dollar surged and bitcoin hit a record high Wednesday while equity markets advanced as traders bet on a victory for Donald Trump as early results for the US presidential election rolled in.
While polls have shown the race for the White House on a knife-edge, the Republican appeared to be faring better than his Democratic opponent and Vice President Kamala Harris in early projections.
Both candidates have picked up expected wins in safe states, but indications that the business tycoon was edging it boosted the so-called Trump Trade.
Signs that the former president’s party was notching up better results in Congressional races boosted the prospect of sweeping tax cuts, more tariffs and deregulation — seen as a boost for the greenback.
The dollar jumped 1.5 percent to 154.33 yen, its highest since July, while it was also up more than one percent against the euro and more than two percent against the Mexican peso.
Bitcoin piled almost $6,000 higher to a record $75,005.06, topping its previous peak of $73,797.98 hit in March.
Trump pledged during the campaign to make the United States “the world capital of bitcoin and cryptocurrencies”.
