The dollar surged the most in two years and US bond yields jumped as investors strengthened bets that Donald Trump will retake the White House.
The US currency raced higher against the euro, the yen and the pound on Wednesday as traders returned to the so-called “Trump trades” based on expectations that the former president’s plan to raise tariffs and cut corporate taxes will push up inflation and keep interest rates high.
While several key states remained too close to call, investors seized on Trump’s victories over Kamala Harris in the southern battleground states of Georgia and North Carolina.
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