The US dollar has made further gains this week as US data continue to come in strong, contrasting favourably with the ECB’s surprisingly dovish policy announcement and softer inflation data in other G10 economies. With the US election drawing nearer and former president Trump’s perceived chances of winning increasing, it may also be that market participants are starting to put more weight on such an outcome – which in our assessment would be a major boost to the greenback, at least in the immediate aftermath of the election.
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