Dollar and Bitcoin Surge Amid Trump's 2024 Election Victory

The dollar and Bitcoin surged as former President Donald Trump claimed victory in the 2024 U.S. election. His win, projected by Fox News, boosted treasury yields and the dollar, while the euro and other currencies fell. A Republican-controlled Senate and House enhance potential for fiscal policy changes.

The dollar experienced its most significant one-day rise since March 2023 against major currencies as Bitcoin reached an all-time high, fueled by traders' confidence in Donald Trump's U.S. election victory. Fox News declared Trump the winner over Democrat Kamala Harris, further boosting market sentiments.

While other outlets have yet to confirm Trump's win, he appears poised for victory after securing key battleground states like Pennsylvania, North Carolina, and Georgia, according to Edison Research data. The dollar's surge began alongside early indications of a Republican success in Georgia.

The dollar index, measuring the greenback against six major peers, jumped 1.4% to 104.85, marking its best performance since March. Analysts attribute the dollar's rise to Trump's economic policies, perceived as inflationary, enhancing treasury yields. This has sparked a wave of currency movements, including Mexico and China's vulnerabilities to potential Trump tariffs.

(With inputs from agencies.)