The U.S. dollar has continued to strengthen in the wake of Donald Trump’s victory in the United States Presidential election.
The greenback rose in Asian trading against the Australian and New Zealand dollars, Japanese Yen and Chinese Yuan, boosting the value of the U.S. dollar index which tracks its value against a basket of major currencies.
At 2.20pm (AEDT) the index was trading at US$105.568, up 0.05%, as traders expected the new Trump administration would increase government spending and investment and introduce other policies that would stoke inflation and buoy interest rates.
The index has risen more than 2% since Trump won on 5 November and is sitting at its highest level since July 2024.
The Australian dollar weakened 0.25% to $0.65572, as did the New Zealand dollar, ($0.59594, down 0.5%) and the British pound ($1.28520, off 0.12%), while the dollar rose against the Chinese unit to 7.23789 Yuan.
However, the Japanese currency bucked the trend with the dollar trending down 0.06% to 153.624 Yen.
Bitcoin, which would benefit from an expected relaxation of US regulations governing cryptocurrencies, eased 0.75% against the dollar to $87,049.98, having climbed above $87,000 for the first time on 11 November.
The euro has also been hit as Europe is expected to be among the potential targets of tariffs, along with China, when Trump takes over the White House next year.