Donald Trump Dollar, global markets crash as Trump looks set to win US election

US stock futures dropped by more than 4 percent, similar to what happened when the British voted to leave the European Union in June.

  • Published:
Traders work on the floor of the New York Stock Exchange the morning after Donald Trump's victory play

Traders work on the floor of the New York Stock Exchange the morning after Donald Trump's victory

(AFP)
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Al Jazeera reports that, as of 4:55 GMT, Trump was leading Hillary Clinton by 23 electoral college votes, with a tally of 232-209. 270 votes are needed to win.

Supporters of Republican presidential nominee Donald Trump watch news reports as results come in during election night at the New York Hilton Midtown play

Supporters of Republican presidential nominee Donald Trump watch news reports as results come in during election night at the New York Hilton Midtown

(AFP)

 

US stock futures dropped by more than 4 percent, similar to what happened when the British voted to leave the European Union in June.

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The Mexican peso also went into near freefall when Trump won in the key state of Florida, dropping more than 10 percent against the dollar.

"There's a lot of panic in the market. It is definitely an outcome it was not expecting," Juan Carlos Alderete, a strategist at Banorte-IXE told Reuters news agency, according to Al Jazeera.

Oil prices dropped in Asia as Donald Trump showed a strong showing against Hillary Clinton in the US election race play

Oil prices dropped in Asia as Donald Trump showed a strong showing against Hillary Clinton in the US election race

(AFP/File)

 

Global markets fear a Trump win could cause global economic and trade turmoil, a sentiment that is shared by the US Federal Reserve leading to the body refraining from raising interest rates.

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