Dollar Hits Major Surge as ‘Trump Trades’ Boost Markets and Bitcoin
On Wednesday, the dollar was set for its largest one-day increase since March 2020, fueled by the growing popularity of so-called "Trump trades." Traders, anticipating a victory for former President Donald Trump in the upcoming U.S. election, increased their bets, which also contributed to Bitcoin reaching an all-time high. This surge comes after predictions pointed to Trump becoming the 47th president of the United States. Key battleground states like Georgia, North Carolina, and Pennsylvania, which Trump had previously won, were showing early signs of a repeat victory, boosting the dollar’s momentum. As U.S. markets showed positive gains, Asian markets followed suit. Australia's S&P ASX rose 0.8%, and Japan's Nikkei 225 closed 2.6% higher, reflecting global optimism.
