The U.S. dollar reached a four-month high following former President Donald Trump’s election victory, driven by investor optimism about the incoming Republican administration.
On Nov. 6, when Trump declared victory, the U.S. dollar index rose by 1.34 percent. It surged in the following days, reaching a peak of 106.18 on Tuesday, surpassing the high reached on June 26.
The index was trading at 106.05 as of 5:50 a.m. EST on Wednesday, up by 2.7 percent from the Nov. 6 opening. During his election campaign, Trump promised many pro-business policies and measures to stimulate the economy, including cutting taxes for workers, reducing corporate taxes to 15 percent, ending inflation, making America the dominant global energy producer and a “manufacturing superpower,” and keeping the U.S. dollar as the world’s reserve currency….