The US dollar soared strongly on Wednesday trading yesterday since the start of the Asian session as the market watched the race to count the votes for the United States (US) presidential election as Donald Trump took the lead.
But in the New York session, the momentum of the movement of the US dollar began to relax but was seen to maintain its position after exerting pressure on other major currencies.
At the end of the 2024 election, Donald Trump has defeated his challenger from the Democratic party, Kamala Harris who replaced Joe Biden.
So, Donald Trump will return to take over the reins of government as the 47th US President.
Joe Biden reportedly also called Trump to congratulate him on his victory and plans to meet in the near future at the White House to smooth the transition of the administration.
The market will continue to digest the situation after the election is over with various views and analysis will be thrown from time to time.
Investors will now turn their latest focus to the November FOMC meeting.
The decision to set the interest rate will be announced early Friday morning, at 3 am local time.
The Federal Reserve (Fed) is expected to continue its monetary policy easing but at a smaller expected interest rate cut of 25 basis points.
Meanwhile, the focus will first be on the results of the Bank of England (BOE) policy meeting early in the New York session tonight.
The BOE is also expected to lower interest rates by 25 basis points to 4.75% with MPC members' votes to be observed.
