Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

The USD/SEK currency pair surged more than 1% on Wednesday, touching a fresh six-month high of 10.9096, as market players positioned for the prospect of a Donald Trump victory following early results from the US election.

Trump captured 15 states, while Harris won 7 states and Washington, D.C., according to Edison Research. Trump led Harris by 247 electoral votes to 210, with 270 electoral votes required to win the presidency.

Still, critical battleground states, including Pennsylvania, were not likely to be called for hours.

Donald Trump’s tariff and immigration policies are viewed as inflationary, which drove up Treasury yields and the US Dollar.

The Federal Reserve’s monetary policy decision now comes in the spotlight.

The Fed is widely expected to cut its federal funds rate target range by 25 basis points to 4.50%-4.75% at its November meeting.

In September, the Fed began its monetary easing cycle with an out-sized rate cut (by 50 bps), which has been the first reduction in borrowing costs since March 2020.

Meanwhile, SEK traders will also look to the outcome of Riksbank’s November policy meeting on Thursday.

Sweden’s central bank is expected to cut its key policy rate by 50 basis points to 2.75%.

In September, policy makers signaled more rate cuts in the two remaining policy meetings of 2024, in case the outlook for inflation and economic activity remains without change.

As of 9:49 GMT on Wednesday the USD/SEK currency pair was advancing 1.30% to trade at 10.8332.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: USD/CHF daily trading forecastForex Market: USD/CHF daily trading forecast Yesterday’s trade saw USD/CHF within the range of 0.9660-0.9724. The pair closed at 0.9665, losing 0.48% on a daily basis.At 7:31 GMT today USD/CHF was down 0.05% for the day to trade at 0.9659. The pair touched a daily low at […]
  • Commodity Market: Gold gains on US coronavirus aid prospects, Fed Chair’s dovish remarksCommodity Market: Gold gains on US coronavirus aid prospects, Fed Chair’s dovish remarks After a flat performance a day earlier, Spot Gold rose on Friday, as the prospect of a huge US coronavirus relief package increased the commodity's appeal as a hedge against inflation.Additional support to prices came after rather […]
  • Commodities trading outlook: crude oil and natural gas futuresCommodities trading outlook: crude oil and natural gas futures Crude oil futures traded lower after the ECB rate decision was announced today, as the euro weakened and the dollar gained. However, action in the Eurozone indicates possible future growth for consumption in the Bloc, improving outlooks for […]
  • Natural gas futures weekly recap, July 7 – July 11Natural gas futures weekly recap, July 7 – July 11 Natural gas rebounded from the lowest level in six months on Friday as weather forecasters predicted above-normal temperatures in some US areas. Nevertheless, the power-station fuel settled the week 6% lower after the EIA reported a […]
  • Commodities trading outlook: gold, silver and copper futuresCommodities trading outlook: gold, silver and copper futures Gold and silver futures were steady during midday trade in Europe today, as investors keenly await announcements from the Feds meeting later today. Meanwhile, copper futures were higher, drawing support from the initiated Chinese […]
  • Forex Market: EUR/CHF daily trading forecastForex Market: EUR/CHF daily trading forecast Yesterday’s trade saw EUR/CHF within the range of 1.2055-1.2086. The pair closed at 1.2068, gaining 0.02% on a daily basis.At 6:42 GMT today EUR/CHF was down 0.02% for the day to trade at 1.2066. The pair touched a daily low at 1.2065 at […]