Daily Market Update - 07 November 2024 (Thursday) Brent Crude: 75.17/barrel -0.03%⬇️ Dow Jones Industrial Average: +3.57%⬆️ DXY USD Currency: +1.67%⬆️ The dollar soared to a four-month high on Wednesday after Republican Donald Trump won the U.S. presidential election, with policies on immigration, tax and trade expected to spur higher U.S. growth and inflation. Meantime, the Fed is expected to cut rates by 25bps at the conclusion of its two-day meeting on Thursday. The British pound was on track for its biggest one-day drop since March 2023 as the U.S. currency soared. Meanwhile, the BoE is expected to cut rates by 25bps on Thursday. Oil prices settled lower as investors weighed a strong U.S. dollar against the potential that U.S. President-elect Donald Trump's foreign-policy plans could squeeze global oil supply. Gold prices slid to a three-week low, as investors piled into the U.S. dollar after Republican Donald Trump was elected U.S. president.