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Dollar pulls ahead as markets focus on Trump policies, Fed outlook

World News

2024-11-21 | 01:41

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Dollar pulls ahead as markets focus on Trump policies, Fed outlook

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The U.S. dollar stood broadly firm on Thursday as traders awaited more clarity on U.S. President-elect Donald Trump's proposed policies and sought to second-guess the prospects of less aggressive interest rate cuts from the Federal Reserve.

After stalling for three sessions, the greenback was back on the march higher, with investors lifting the dollar index measure against its key rivals closer to a one-year high of 107.07 hit last week.

The dollar has rallied more than 2% since the November 5 U.S. presidential election on bets Trump's policies could reignite inflation and temper the Fed's future rate cuts.

At the same time, traders are sizing up what Trump's campaign pledges of tariffs mean for the rest of the world, with Europe and China both likely on the firing line.

"It's hard to short the USD right now," said senior market analyst Matt Simpson at City Index, given that investors are also increasingly weighing the possibility that the Fed might not cut rates next month.

Reuters

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