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DOLLAR JUMPS AS TRUMP TAKES OVER

DOLLAR JUMPS AS TRUMP TAKES OVER

The dollar trumbled against the yen and the euro as Donald trump was elected US president, in a stunning upset with major implications for world economy. The Mexican peso also fell to a record low as safe-haven assets soared, with the gold rising more than 5% and german government bonds rallying. Fears about the impact on financial markets led Japanese and south Korean authorities to call crisis talks. Initial confidence that markets favourite Hillary clionton would win dissapeared as results showed the fireband tycoon picking up the major scalps needed to take the white house. Dollars after he won a swathe of states, Clinton called trump to concede, handing him the keys to the white house. Markets have been plunged into turmoil as Clinton was considered by many investors to be a safe bet than trump, who is seen as a loose cannon with policies many fear could wreck the world’s number-one economy. “it has been a bloodbath in the markets over thelast few hours with the Mexican peso suffering particularly” said craig erlam, senior market analyst at OANDA. Tokyo had collapsed 5.4% by the end of trade, while Hong fell 2.2% and shanghai sank 0.6%. Sydney gave up almost 2%, seoul shed 2.3% and Singapore dived 1.8%.

Wellington plunged 3.3% while Taipei was 3.0% off. Manila skidded 2.5% and Jakarta 2%. The sensex on the Bombay stock exchange was 3% off, having initially plummeted more than 6% on Trump’s performance and news that high-size notes were being pulled from circulation as part of a crackdown on tax evasion. Futures on the S&P 500 and Nasdaq on wall street dived more than 5% at one point while those on the dow were off 4%. In early European trade London fell 1.9%, paris lost 2.8% and Frankfurt dived 2.9%. Crisis said that the Mexican peso which was battered by Trump’s anti-immigrant rhetoric earlier in the campaign which hit a record low against the doll . The greenback soared to 20.7128 pesos, around its highest-ever point and about 12 % up on earlier levels, before paring back slightly.

 Trump’s anti-Mexican promises have included a pledge to remove unregistered incomers, build a border wall and tear up a trade deal. Mexico’s Finance Minister Jose Antonio Meade and central bank chief Agustin Carstens will address the media later in the day to outline actions after the peso’s losses. The dollar tumbled against the yen as investors went into the Japanese unit, which is considered a safe bet in times of uncertainty. The greenback sank to 101.30 yen from above 105 Tuesday before edging back up to 103.00 yen. The quick  moves led Japan’s central bank and government to hold an  emergency talks as a stronger yen hammers the country’s crucial exporters. Later it emerged Seoul’s financial regulatory body would hold an emergency meeting with executives at major local banks to monitor the impact of the result. The South Korean won was down 1.3 %. The euro also rose 2.1% against the dollar, while gold soared 5.4 % at one point — its biggest rally since Britain’s June vote to leave the EU, which also jolted markets. High-yielding currencies in Asia-Pacific were battered against the dollar, with Australia’s dollar 0.9 % off, Indonesia’s rupiah down 0.8 % and the Malaysian ringgit 0.4 % lower. Oil prices plunged, with both main contracts more than 2 % down.

 

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