The US dollar has rallied to its strongest level since August, boosted by a recent string of strong economic data and investor bets that Donald Trump’s chance of winning next month’s presidential election is on the rise.
The currency has climbed nearly 4 per cent since late September against a basket of rivals, helped by blockbuster US jobs figures earlier this month that prompted investors to scale back their expectations for Federal Reserve rate cuts.
But traders and analysts say shorter odds on a second Trump administration have added fuel to the rally, given that the former president’s plans to slap tariffs on imports are expected to push up inflation and interest rates should he win on November 5.
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