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Dollar on track for weekly gains after Trump election win
The dollar rose on Friday and is set for a small weekly gain as markets assess the impact of Donald Trump's return to the White House and what it means for the U.S. economy.
Analysts expect Trump's policies of raising tariffs, cracking down on illegal immigration and cutting taxes to boost growth and inflation.
Also read: How did markets react to the Fed's decision to cut interest rates for the second time this year?
The dollar index rose to a four-month high of 105.44 on Wednesday, but then fell due to profit-taking.
The dollar rose 0.33% during trading on Friday to 104.75 and is set for a weekly gain of 0.45%.
The U.S. Federal Reserve cut interest rates on Thursday by 25 basis points, as widely expected.
The CME Group's FedWatch service shows investors expect a 68% chance of another 25 basis point rate cut in December.
The euro fell 0.52% to $1.0748 and was set for a weekly loss of 0.8%.
The dollar fell 0.21% against the Japanese currency to 152.61 yen. The Chinese yuan fell 0.56% to $7.19.
The Australian dollar fell 1.09% to $0.6605.
In cryptocurrencies, bitcoin fell 0.33% to $75,719.70, after hitting a record high of $76,980 on Thursday.
