The dollar jumps sharply following reports of Trump considering a potential emergency decision to impose tariffs.

CNN published a report on Wednesday morning, based on information from four knowledgeable sources, stating that the elected President of the United States, Donald Trump, is currently considering declaring a national emergency to allow for a new tariff program following his inauguration at the White House on January 20. This came after Trump stated yesterday evening that he intends to impose very large tariffs on both Canada and Mexico to compensate the United States for illegal immigration and the illegal trade of fentanyl across their borders with the United States. Following the release of CNN's report today, the US dollar index (DXY) – which measures the performance of the US dollar against a basket of six other major currencies – jumped significantly, greatly expanding its early gains within minutes, as it is now trading up by 0.68% at a level of 109.32 points.