As initial results of the U.S. presidential election pointed towards an advantage for Donald Trump in crucial states, the dollar surged to its highest level since July, fueling interest in investments aligned with the former president’s protectionist policies.
The Bloomberg Dollar Spot Index soared over 1.22% to 104.6 as investors sought safe-haven assets and repositioned their portfolios to align with expectations of a Trump administration featuring low taxes and high tariffs. Trump had initially taken the lead in Georgia and North Carolina, pivotal swing states, while the vote count in other states was still at a nascent stage.
Meanwhile, the US dollar also strengthened 1.16% against Thai baht to THB33.98 per dollar, rising from THB32.18 in late September.
