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Dollar Surges Most Since Brexit After Trump Election Surprise

  • Greenback gains against major currencies as Fed bets mount
  • Turnaround follows Republican’s conciliatory remarks
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Donald Trump Projected Winner in Pennsylvania: AP

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The dollar surged the most since the day after the U.K.’s vote to leave the European Union as Donald Trump’s conciliatory victory speech calmed market participants reeling from the shock result in the U.S. presidential election.

The greenback rallied against most major peers and against emerging-market currencies as traders bet that a Trump administration combined with a Republican Congress will ramp up sending and spur economic growth. The market-implied probability of a December interest-rate hike by the Federal Reserve, which had fallen to less than 50 percent as results pointed to a Trump triumph, jumped above 80 percent.