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mexican peso

Asian markets have tumbled after results from the American presidential polls suggested a victory for Donald Trump looked increasingly likely.

All major markets in the region are now lower, with money flowing into safe haven stocks, gold and currencies including the yen.

Meanwhile the Mexican Peso has hit an all-time low against the dollar.

As traders had expected a comfortable Hillary Clinton win, even a tight race is enough to spark volatility.

Image source Flickr

Image source Flickr

Japan’s Nikkei 225 is down by 5.2% while the Hang Seng in Hong Kong is 3.8% lower and the Shanghai Composite has lost 1.6%.

Australia’s ASX 200 dropped by 2.1% while the Kospi in South Korea is 3.1% lower.

Earlier, American and European markets closed higher – but US stock futures fell sharply with the Dow Jones index expected to lose more than 4% – 800 points – when trading resumes on Wall Street on November 9.

The Mexican peso has seen some of the most notable fluctuations, falling more than 10% against the dollar.

The peso’s movements are seen by many as a good indicator of the election’s likely outcome, with an upward movement suggesting Hillary Clinton is ahead.

Mexico is expected to suffer if Donald Trump was elected because of his pledges to build a wall along the US border with the country and renegotiate their trade agreement.

Meanwhile the Japanese yen is viewed as a safe haven currency in situations of international volatility, so a strengthening yen suggests traders see a Hillary Clinton victory as less likely.