Key Points
SINGAPORE (Reuters) Cryptocurrency bitcoin hit a three-month high in early trading on Monday and the dollar looked set to extend its gains in markets counting down to the U.S. presidential election in two weeks.. Election polls that show rising odds of former President Donald Trump winning the Nov. 5 election are boosting the dollar, since his proposed tariff and tax policies are seen as likely to keep U.S. interest rates high and undermine currencies of trading partners...
Currency moves in major markets last week were driven by the European Central Banks dovish rate cut and strong U.S. data that pushed out expectations for how fast U.S. rates can fall, particularly if Trump wins the presidency...
The yen was down nearly 0.2% at 149.26 per dollar but staying on the stronger side of 150 per dollar after having breached that level briefly last week for the first time since early August...
With no major economic events due this week, market focus will be on corporate earnings and U.S. election risk, and possibly a rise in costs to hedge dollar and other portfolio risks, Chris Weston, head of research at Australian online broker Pepperstone, said in a note...
The clearest way to express the Trump tariff risk was to be long dollars versus the euro, Swiss franc and Mexican peso, he said.. Brad Bechtel, global head of FX at Jefferies, also noted that rising real interest rates were helping the dollar along, particularly against those three currencies...
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