SINGAPORE: As markets braced for the US presidential election in two weeks, the dollar appeared poised to continue its gains, while cryptocurrency bitcoin reached a three-month high in early Asia trading on Monday.
Given that his proposed tax and tariff policies are expected to keep US interest rates high and devalue the currencies of trading partners, electoral polls indicate that former President Donald Trump has a better chance of winning the November 5 election and strengthening the currency.
The European Central Bank’s dovish rate decrease and solid US data last week pushed aside predictions about how quickly US rates can drop, especially if Trump wins the presidency. These factors drove currency movements in major markets.
