Bitcoin Hits Three-Month High as Dollar Firms Ahead of US Election

In early Asia trade on Monday, bitcoin reached a three-month high, while the dollar appeared poised to continue rising in markets as they get closer to the U.S. presidential election in two weeks.

The dollar appeared set to continue rising in forex markets on Monday as they close in on the U.S. presidential election in two weeks, with bitcoin scaling a three-month peak in early Asian trade.

The yen slipped 0.1% to 149.32 per dollar today, remaining on the stronger side of 149 to the greenback for the first time since early August.

Polls indicate that former President Donald Trump’s chances of winning the Nov. 5 election are improving, and this is boosting the dollar as his proposed tax and tariff policies are expected to keep U.S. interest rates higher and weaken the currencies of trading partners.

The dollar’s gains were limited last week by the European Central Bank’s dovish rate cut and strong U.S. data, which sparked shifts in major currencies and raised expectations for how quickly U.S. rates can fall—especially if Trump wins the presidency.

The dollar index, which measures the greenback’s strength against key rivals, stood at 103.45. It clocked weekly gains of 0.55%, although it slipped 0.3% on Friday as risk appetite broadly improved in markets following China’s announcement of further details on its massive stimulus package.

Both the euro and the pound were steady at $1.0866 and $1.3045, respectively.

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