I’m not sure what the FX market is trying to tell us today but all of the USD declines from earlier today has been erased.
EURUSD 10 mins
The main argument for a dollar rally that I’ve heard in the past month is a red sweep. The idea here is that Trump and Republicans would run deficits, cut taxes and keep yields high.
DJT is also trading up nearly 20% in the after-hours market and Tesla up 8%.
I think the main driver of this is the Georgia exit poll, which looks good for Trump. However the early votes in the suburbs around Georgia look good for Harris. Florida votes are also looking very strong for the Mar-a-Lago resident.