US Presidential Election 2024: Impact on Dollar and Crypto Markets

Monday, 21 October 2024, 02:24

US Presidential Election 2024 forecasts are contributing to a stronger dollar and rising bitcoin values. The potential return of Donald Trump influences investment strategies as expectations for interest rates shift. Market dynamics continue to respond to U.S. economic indicators and global currency movements.
Moneycontrol
US Presidential Election 2024: Impact on Dollar and Crypto Markets

Impact of the US Presidential Election 2024 on Financial Markets

The dollar rose significantly on Monday, buoyed by strong economic indicators and speculation surrounding the looming US presidential elections. The prospects of former President Donald Trump potentially winning the election on November 5 have sent ripples through global financial markets, affecting the value of major currencies.

Market Reactions

  • The dollar index climbed by 0.17 percent to 103.65.
  • Bitcoin reached a three-month high, now valued at $68,555.
  • The euro fell to $1.0849, a drop of 0.16 percent.

Macroeconomic trends fueled by solid US data, including retail sales and job reports, contrast sharply with the European Central Bank’s dovish rate outlook, contributing to a divergence in currency performance.

Trump Effect on US Markets

As polls show rising odds of Donald Trump's victory, analysts argue that his proposed tariff and tax policies could maintain elevated US interest rates, adversely affecting trading partners. This perception is strengthening the dollar.

In light of these developments and lack of significant economic events this week, traders are contemplating election trades driven by the overall economic sentiment.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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