US Dollar extends rally after Trump promises more tariffs
- The US Dollar gets propped up and flirts with a fresh two-month high.
- Traders are adding to more bets on a Trump win for a second day in a row.
- The US Dollar Index breaks above a key level on its way to 104.00.
The US Dollar (USD) extends gains on Wednesday after breaking above a very heavy resistance level in the US Dollar Index (DXY). The Greenback received an extra push after former President Donald Trump appeared on Bloomberg television outlining his plans if he wins the November 5 presidential election. Trump delivered some harsh statements on trade, taxes and the Federal Reserve (Fed) which were enough to push the Greenback higher against most major currency peers as traders increasingly seem to price in a victory for the Republican nominee.
The US economic calendar is light on Wednesday, with no real market-moving data ahead and no Fed officials set to speak. Expect traders to sit on their hands in the run-up to the European Central Bank (ECB) meeting on Thursday.
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