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Dollar rebounds from 3-month lows
Markets are split 50/50 on speculation about rate cuts and Trump's second term, creating challenges for dollar traders.
The dollar has been rebounding from steep losses witnessed last week from softer CPI
The Japanese yen weakened further, with USD/JPY hovering near 158.54, without any BoJ intervention.
Gold prices rose to $2,438 as investors sought safe havens amid political uncertainty.
The dollar edged higher against major currencies, while Asian currencies remained muted as speculation about a Donald Trump presidency and increased bets on interest rate cuts supported the dollar. Additionally, weak data from China weighed on Asian stocks and currencies.
Markets are now 50/50 when it comes to speculation about rate cuts and Trump securing a second term, placing dollar traders in a tough position.
The Japanese yen continued to weaken without any reports of a BoJ intervention, the USD/JPY pair was last seen hovering near 158.54.
Gold prices also continued to gather momentum rising to $2,438 as investors flocked to safe havens amid political uncertainty.
Speaking of new highs, the Dow Jones reached a new record overnight, closing near 40,356. Additionally, Federal Reserve Chair Jerome Powell acknowledged progress in controlling inflation, further bolstering the momentum of stocks.
