US Dollar soars to four-month high as Trump wins US presidency

The US Dollar is firmly in the green, with more than one-percentage-point gain against most major peers. 

Former US President Donald Trump has secured the 270 electoral votes needed to become the next US president. 

The US Dollar index broke above 105.00, the highest level since July, and retreated slightly afterward. 

The US Dollar (USD) rises sharply on Wednesday after former US President Donald Trump secured enough electoral votes to become the next US president. The former US President has secured 277  votes, more than enough to surpass the magic 270 threshold needed to secure a majority. An additional element that might result in more US Dollar strength is the fact that the Republicans have secured a majority in the Senate. While the race to control the US House of Representatives is still undecided, it looks like Trump will not be a lame-duck president and will have support from both institutions when it comes to passing laws. 

The US economic calendar is very light on Wednesday. It looks like traders will be able to further assess and focus on the outcome of the US presidential election. Besides the Mortgage Bankers Association (MBA) weekly Mortgage Application numbers, nothing special is expected on the economic data front.