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Donald Trump's surprising victory in the U.S. presidential election has driven the dollar to increase 2.4 percent against a basket of 16 major currencies, its largest weekly gain since May 2015. The dollar index climbed as high as 99.247 in early trade.
Investors expect Trump's proposals to increase fiscal spending, reduce taxes and loosen regulation which will boost economic growth and urge the Federal Reserve to pick up the pace in raising interest-rates. Fed-funds futures have shown that investors implied a 81 percent likelihood of a Fed rate hike in December, according to CME Group data. The dollar climbed against the Japanese yen to 107.37 while the euro declined to nearly $1.0773.
Yields on the U.S. 10-year Treasury notes rose to their highest since January at 2.20 percent.
