GBP: The British Pound weakened against the U.S. Dollar as investors reacted to Donald Trump leading in US election polls. The stronger Dollar reflected concerns over higher tariffs and tax cuts under a Trump presidency. Meanwhile, the Pound’s performance was mixed against other currencies, with investors awaiting the Bank of England’s rate decision and updates on the UK economy, especially regarding the potential impact of Trump’s policies.
EUR: The Euro lost nearly 2% against the U.S. Dollar, driven by concerns over a potential Trump victory in the US presidential election. Investors feared Trump’s protectionist policies, including tariffs on European exports, would hurt the Euro. As a result, the Dollar strengthened, while the Euro struggled. Market uncertainty surrounding the election outcome led to increased pressure on the Euro, reflecting potential economic impacts from a Trump presidency.
USD: The U.S. Dollar surged to its strongest level in over a year as Donald Trump gained ground in the presidential race. A potential Trump presidency is expected to boost protectionist policies and inflation, leading to higher long-term interest rates. This contributed to the Dollar’s strength against major currencies, as investors anticipated a more hawkish economic outlook under Trump’s leadership.
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