US Dollar Surges Following Trump Election Win

The BBC is reporting that the US dollar has surged as news emerges that Donald Trump has won the presidency and will re-enter the White House.

Bitcoin has also hit a record high while traders bet on potential tax cuts, increased tariffs, and rising inflation under Trump’s second term.

This election result will have a major impact on the global economy.

The Republican Party is also set to take control of the Senate, although there are still votes left to count.

The dollar has soared by about 1.5 per cent against a host of different currencies, including the pound, euro and the Japanese yen.

In Japan, the benchmark Nikkei 225 stock index ended the session up by 2.6 per cent, while Australia’s ASX 200 closed 0.8 per cent higher.

The major US stock indexes also look likely to open sharply higher.

That came after the Dow Jones Industrial Average, S&P 500 and Nasdaq all closed more than 1 per cent higher on Tuesday.