Magna Financial Market Report –Wednesday 6th November 2024
|
|
|
|
|
|
- Dollar surges on early Trump lead
- Trade tensions weigh on Euro & Yuan
|
|
|
RECAP
With the US election results looming, markets took a cautious stance, prompting USD to pull back as traders trimmed long positions. A temporary dollar rally followed unexpectedly robust US services data, but the surge was short-lived as market participants returned their focus to election outcomes and potential policy
shifts.
|
|
|
|
|
|
|
|
|
|
OUR SUMMARY
Preliminary election results hinting at a Trump win pushed the dollar to a four-month high. The Chinese Yuan and Euro faced immediate pressure, as markets anticipate that Trump will impose strict tariffs on imports.
A full Republican sweep of the Senate and House could drive the dollar even higher, with US interest rate and equity markets already rallying overnight on expectations that Trump’s tax cuts, immigration stance, and trade policies could spur inflation.
Final election results are yet to be confirmed.
|
|
|
|
HOW WE CAN HELP
Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Get in touch with Osman Hanif today on +44 (0) 20 3371 9200 or email osman@magnafinancial.com.
|
|
|
|
|
|
|
|
