[US Election 2024]
As the vote counting for the U.S. presidential election progresses and former President Donald Trump gains momentum for victory, the dollar and U.S. Treasury yields are on the rise. Bitcoin has reached a new all-time high.
At midnight on the 6th (local time), the yield on the 10-year U.S. Treasury note rose by 0.112 percentage points from the previous trading day, hovering around 4.4%. The 30-year Treasury yield briefly climbed to 4.6% on the same day, marking the highest level in four months.
The value of the dollar is also on the rise. The Bloomberg Dollar Spot Index increased by 1.09% compared to the previous day.
The currencies of major countries declined in value. The USD/JPY exchange rate rose by 1.19% from the previous day, trading around 153.4 yen. An increase in the USD/JPY rate indicates a depreciation of the yen. The euro-dollar exchange rate fell by 1.3% to 1.07 euros. The Mexican peso, which tends to fall when former President Trump's approval rating rises, dropped about 2.6% against the dollar.
Mark Happelle of UBS Global Wealth Management stated, "I expect the dollar to be stronger under former President Trump than under Vice President Harris," adding, "Growth-focused policies, high interest rates, and tariffs will provide tailwinds for the dollar."
Bitcoin, one of the assets benefiting from Trump, briefly surpassed the $75,000 mark on the day, setting a new all-time high. This surpassed the previous record of $73,800 set on March 13, about eight months ago.
Keith Lerner, Chief Economist at Truist Advisory Services, said, "Small-cap stocks, cryptocurrencies, interest rates, and even Trump Media stocks are all on the rise."
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