The recent market narrative has been that a Trump win would be bullish for the dollar because a Trump administration would likely pursue tax cuts and a stimulative fiscal policy, which would be hawkish for Fed policy and thus bullish for the dollar. The dollar is holding its own despite bearish factors that include US political uncertainty, slightly lower T-note yields, and higher stocks. The 10-year T-note yield today is down -2.1 bp at 4.217%, which undercut the dollar’s interest rate differentials. What really make the dollar so strong ?
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