Stocks surge and euro falls as Trump claims victory in US election
Donald Trump has declared victory in the U.S. presidential election, causing a surge in U.S. stocks and a drop in the euro. The euro fell nearly 2 cents against the dollar, reaching a four-month low.
The U.S. dollar index rose 1.5%, its largest increase since March 2020, impacting other currencies, especially in the Eurozone. Concerns over potential trade conflicts and economic policies under a Trump presidency are affecting market stability.
Emerging market currencies also weakened, with the Mexican peso dropping nearly 3% and the Chinese yuan falling over 1%. Meanwhile, Bitcoin reached a record high above $75,000, driven by expectations of favorable policies for cryptocurrencies.