The US Dollar (USD) rose sharply on Wednesday after former US President Donald Trump secured enough electoral votes to become the next US president. The former US President secured 277 votes, more than enough to surpass the magic 270 threshold needed to secure a majority. An additional element that may lead to more US Dollar strength is the fact that Republicans have secured a majority in the Senate. While the race for control of the US House of Representatives is still undecided, it seems that Trump will not be a powerless president and will have the support of both houses when it comes to passing legislation.
The US economic calendar is very quiet on Wednesday. It seems that traders will be able to assess further and focus on the outcome of the US presidential election. Apart from the weekly Mortgage Applications figures from the Mortgage Bankers Association (MBA), nothing special is expected on the economic data front.
Source: FXStreet
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