The Trump trades rally in the US Dollar is heading into its fifth day of gains.
All eyes are on Fed Chairman Powell and his view on the interest rate cut in December.
The US Dollar index jumps to a fresh year-to-date high at around 107.00.
The US Dollar (USD) extends the Trump trade rally for the fifth consecutive trading day with the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, reaching the highest level seen since November 1, 2023, above 107.00. The additional push comes after major news agencies reported on Wednesday evening that the Republicans had secured enough seats for a majority in the House of Representatives after already winning the Senate. Thus, The “Red Sweep” has materialized, and President-elect Donald Trump will face very few issues or struggles to get any package through both political decision bodies.
The US economic calendar includes the weekly Initial Jobless Claims and the Producer Price Index (PPI) inflation data for October. No big shakeups are expected from the PPI release after the US October Consumer Price Index (CPI) aligned with economist expectations on Wednesday. Instead, expect some nervousness from Federal Reserve (Fed) Chairman Jerome Powell’s speech after several Fed members questioned this week whether a December rate cut is still valid under current market conditions.
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