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Asian Stocks and Mexican Peso Drops as U.S. Election Tightens

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As the United States’ presidential race tightens before voting begins, Asian stocks and Mexican peso dropped. Side-by-side with global equities’ selloff, gold, Swiss franc, and yen had gains, giving investors harbor assets.

Since September, MSCI Asia Pacific Index drops the most and further U.S. equities’ losses were signaled after the S&P 500 index drops to its all-time low since July. As of 1:36 P.M. in Tokyo, the index dropped by 1.3 percent.

Gold and Swiss franc had their highest levels of gains in around 30 days. On the other hand, yen gains for the second day. Job data tones down interest-rate discount prospects, which went along with strengthening of New Zealand’s dollar, which cover also the United States. Even before Federal Reserve policy is decided, treasuries surge. American stockpiles expanded followed by crude oil price cuts.

Asian Stocks and Mexican Peso Drops as U.S. Election Tightens

Source: Bloomberg

The yen climbed to 103.71 per dollar at 0.4 percent and franc increased by 0.2 percent. Since October 7, Mexican peso dropped by as much as 0.8 percent.

New Zealand’s dollar gained as much as 0.6 percent. Crude oil dropped by 0.8 percent in New York.

A rise in the index tracking volatility expectation in bonds, equities, commodities, and currencies is reported for five days through Monday. The record is described to be the longest surges since Brexit.

IG Ltd. Chief Market Strategist based in Melbourne, Chris Weston, stated that anxiety levels of the markets moved up a gear. This shows that as buying languished and funds were stored for more certain situations, upper hand is given to market pessimists.

When a two-day meeting finishes on Wednesday, Fed policy is expected to be unaltered. In December, futures forecasted that there would be 68 percent chance of interest rate hikes.

On Tuesday, tracking poll by ABC News/ Washington Post showed 46 percent support to Donald Trump against 45 percent to Hillary Clinton. Since May, this is the only result showing the former is ahead of the race.

FiveThirtyEight Poll Aggregator stated that Clinton had a 10 percent less chance of claiming victory in the past week, which is now 72 percent.

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