Bitcoin Rises Nearly 10% Against Mexican Peso as 'Trump Trade' Soars; Gold Stays Flat
The "Trump trade" involves bullish positions in bitcoin, the dollar index, and expectations of higher Treasury yields, coinciding with Trump's lead over Kamala Harris in the presidential race. Bitcoin surged over 7% to record highs above $74,000, with larger gains against the Mexican peso, which fell 3% to 20.7080. The peso has declined 27% since March due to fears of Trump's protectionist policies, including a potential 25% tariff on Mexican imports. Trump has threatened to escalate tariffs up to 100% if border issues persist and plans to renegotiate the USMCA. The dollar index reached over 105.00, and the 10-year Treasury yield rose to 4.46%. Tariffs could increase inflation and disrupt global trade. Bitcoin and gold are on a long-term bullish trend, with gold up 32% this year and bitcoin up 75%.
