The dollar could rise if Mr. Trump wins the US Presidential Election and fall if Mr. Harris wins, according to Ebury. Matthew Ryan, strategist at Ebury, said in a report that a Trump victory would boost the dollar, particularly if Republicans also took control of the Senate and House of Representatives, as investors factor in US tax cuts, higher Federal Reserve interest rates, rising trade protectionism and rising geopolitical risks. In a Harris victory, currency volatility would be more controlled. However, there could still be a "pretty sharp sell-off" in the dollar.