The dollar surged and Bitcoin hit a record high on Wednesday as traders bet on a victory for Donald Trump, with the ex-president securing key swing states necessary to take the White House. This boosted expectations for fresh tax cuts, tariffs, and rising inflation.
While polls had shown the race on a knife-edge, the Republican candidate appeared to be faring better than his Democratic opponent, Vice President Kamala Harris, as results rolled in.
Both candidates had secured expected wins in safe states, but indications that the business tycoon was edging ahead boosted the so-called Trump Trade.
Although many key swing states were still too close to call, Trump won Georgia and North Carolina, with others still undecided.
News that the former president’s party had taken control of the Senate further boosted prospects for sweeping tax cuts, additional tariffs, and deregulation—seen as favourable for the greenback.
The dollar jumped…