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Japan’s Nikkei 225 index dropped 4% to 16,498.17 as the US dollar slumped 3.3% against the Japanese yen, potentially spelling trouble for Japanese exporters. Hong Kong’s Hang Seng slid 2.8% to 22,262.74, South Korea’s Kospi index fell 3% to 1,943.69, and Australia’s SP ASX/200 lost 2.1% to 5,149.301.
Meanwhile, the pound rose 1.2% against the dollar at 1.2529 and the euro was up 2.1% at 1.1259 on two-day figures.
“The dollar is getting slammed as the market prices in the latest 73% probability of a Trump presidency,” AFEX currency specialist Trevor Charsley said.
“EURUSD has gained 2% from its lows but the Mexican peso has lost 10% in three hours. The US asset markets have slumped as well with the SP future falling 5% as well. The atmosphere in trading rooms is reminiscent of the Brexit vote.”