The US dollar (USD) is showing signs of a promising price trajectory as the greenback is now trading at its highest since November 2023. Per Bloomberg, the US dollar is now projecting a stronger stance as compared to its earlier metrics. The greenback is currently stable at 106, up 0.12% in the last 24 hours. But why is the US dollar peaking all of a sudden?
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US Presidential Campaigns Fuel the US Dollar (USD) Surge
The United States is currently gearing up to select its newest president and is busy preparing for its 60th quadrennial elections. Last night, the nation witnessed the widely anticipated presidential debate between former President Donald Trump and Joe Biden.
Sparking heated discussions spanning multiple topics and domains, the debate played a pivotal role in fueling the USD surge. After the debate, the US dollar index rose to display stronger metrics, projecting the highest numbers since November 2023.
With the odds of Donald Trump winning the US elections, the aforementioned development is already driving the value of the greenback. With an anticipatory streak supporting Donald Trump winning the US elections, the US dollar encountered a noteworthy surge, with S&P following the USD spike path.
Per the latest post shared by the Kobeissi Letter, S&P is merely 15 points away from charting a new high. At the same time, the USD is up 6%, with speculatory bandwagons running amok.
“Breaking: The US dollar surges to its strongest level since November after the presidential debate. As the odds of a President Trump election victory surged, the US dollar and S&P 500 followed. The S&P 500 is now just 15 points away from a new high, and the US dollar is up ~6% YTD. All eyes are on the election and the Fed.”
Trump vs. Biden: A War Worth Watching Out For
The upcoming US elections are bringing heavy scrutiny along with them. The entire world is currently glued to the outcome, which the US will soon be clarifying by announcing the next president of the United States. With the majority of US citizens supporting Trump, the social media platforms are echoing praise for him, sharing how his selection as the President of the US can usher in prosperity back into the nation.
Trump has also been quite vocal about his new economic policy, the one that he will be implementing if he becomes the next president of the United States. In one of the interviews, Trump shared his pro-Bitcoin vision, vowing to make the US a crypto-centric nation.
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