Republican nominee Donald Trump is leading the US presidential race, most likely to become the 47th president, outperforming Democratic nominee Kamala Harris in most of the battleground states after taking the must-win swing state of North Carolina. The resurgence of Trump trades has supported the renewed upside in the US Dollar (USD) and global stocks.
The current electoral vote tally is 227 for Trump and 189 for Harris, with the former US President taking hold of the other swing states - Arizona, Georgia, Michigan, Pennsylvania and Wisconsin. Fox News called a Trump victory for Pennsylvania and Wisconsin.
Meanwhile, Fox News also called Republicans in control of the US Senate. Republicans won a key Senate seat in Ohio, with Trump-endorsed nominee Bernie Moreno projected to defeat Democratic Sen. Sherrod Brown, according to CNN News, flipping yet another seat for the (Grand Old Party) GOP.
The main focus is on the control of the House. If Democrats take the House majority, it could be a ‘divided government, causing policy gridlock for the likely Trump administration. Democrats need to flip just four seats to win control of the lower chamber.
However, it appears that Republicans are still defending the control of the House by a narrow majority.
Market reaction
The US Dollar is consolidating the latest upswing against its major rivals. At the press time, the US Dollar Index (DXY) is trading at around 104.90, still adding 1.40% on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD drops below 1.0800 on Trump's 'Liberation Day'
EUR/USD is back in the red below 1.0800 in the early European morning on Wednesday as investors rush for the safe-haven US Dollar, aniticpating US President Donald Trump’s long-threatened “reciprocal” tariffs package, due to be announced at 20:00 GMT.
GBP/USD trades with caution above 1.2900, awaits Trump’s tariffs reveal
GBP/USD is trading with caution above 1.2900 early Wednesday, struggles to capitalize on the overnight bounce amid resugent haven demand for the US Dollar. Traders remain wary heading into the US 'reciprocal tariffs' announcement on "Liberation Day' at 20:00 GMT.
Gold price remains close to record high amid concerns over Trump’s reciprocal tariffs
Gold price regains positive traction amid concerns about Trump’s aggressive trade policies. Fed rate cut bets keep the USD bulls on the defensive and further benefiting the XAU/USD pair. A broadly stable risk sentiment might cap gains ahead of Trump’s tariffs announcement.
Bitcoin, Ethereum and Ripple brace for volatility amid Trump’s ‘Liberation Day’
Bitcoin price faces a slight rejection around its $85,000 resistance level on Wednesday after recovering 3.16% the previous day. Ripple follows BTC as it falls below its critical level, indicating weakness and a correction on the horizon.
Is the US economy headed for a recession?
Leading economists say a recession is more likely than originally expected. With new tariffs set to be launched on April 2, investors and economists are growing more concerned about an economic slowdown or recession.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.