Dollar Grows 2% Over Euro and GBP Following Trump Win

• Donald Trump’s election as the 47th U.S. President has caused financial markets to surge, with Bitcoin hitting a new all-time high.
• The U.S. Dollar has strengthened against major currencies like the Euro, GBP, and the Brazilian Real.
• Trump aims to reinforce the Dollar’s dominance globally, potentially through stablecoins and higher tariffs on imports.

Donald J. Trump is now the president-elect of the United States. In January, the former president will replace Joe Biden as the 47th President of the United States. The news of Trump’s victory has shaken all financial markets. The stock market is up, and crypto assets are now booming, with Bitcoin gaining a new all-time high on November 6th. 

The Forex market is also seeing the effects of the confirmation of America’s next president. In particular, the Dollar has gained value against nearly all other currencies, including the Euro and GBP. 

The Euro/USD charts show that the greenback gained nearly 2% in value against the European currency over the past 24 hours. A similar performance is seen in the USD/GBP pair, with the dollar gaining 1.54% over the British pound during that same timeframe. 

Against the Russian Ruble, the American currency’s increase was more modest: a 0.5% growth since Trump’s victory. However, this adds up to the continuing devaluing of the Ruble, down by over 9% year-to-date against the Dollar. 

The greenback boom is felt the most in nations that had already been suffering from a weakening national currency. In South America, Brazil has for the first time seen the dollar now be worth as much as R$6.00 (Brazilian Real).

Donald Trump Plans on Strengthening the Dolar

The impressive performance of the Dollar could be an early sign of a government focused on maintaining the U.S. Dollar as the international trade currency and maintaining its dominance over foreign markets. 

In fact, this was one of Donald Trump’s biggest talking points during the campaign. This year saw developments that could reshift the international trade structure, with nations starting to test out trade in currencies other than the U.S. Dollar.

With this in mind, Trump always spoke about his plan of maintaining the greenback dominance, and even using stablecoins like USDT to further strengthen the American currency. He also spoke about imposing higher tariffs on imports – particularly citing a 60% tariff on Chinese imports.