U.S. Dollar Climbs On Trump Optimism
08 Novembre 2024 - 2:23PM
RTTF2
The U.S. dollar strengthened against its major counterparts in
the New York session on Friday on hopes that policies under
incoming President Donald Trump would spur economic growth and
inflation.
Trump has proposed tax cuts and tariffs on imported goods in his
election campaign.
Trump's fiscal policies will elevate upside risks to inflation
and push rates higher.
The Fed cut the interest rate by 25 basis points as expected on
Thursday, and Chair Jerome Powell stressed that rates are not on
"any preset course" and that the central bank will make future
decisions "meeting by meeting" to deal with the risks to both sides
of the dual mandate.
However, market participants lowered expectations for further
interest rate reductions for 2025 following the victory of
Trump.
The greenback advanced to 1.0718 against the euro and 1.2911
against the pound, off its early lows of 1.0804 and 1.2988,
respectively. The next possible resistance for the currency is seen
around 1.06 against the euro and 1.26 against the pound.
The greenback recovered to 0.8752 against the franc and 152.85
against the yen, from its early 2-day lows of 0.8701 and 152.13,
respectively. The currency is poised to challenge resistance around
0.89 against the franc and 156.00 against the yen.
The greenback edged up to 0.6576 against the aussie, 0.5963
against the kiwi and 1.3920 against the loonie, reversing from its
early lows of 0.6680, 0.6027 and 1.3859, respectively. The currency
is likely to locate resistance around 0.64 against the aussie, 0.58
against the kiwi and 1.40 against the loonie.
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