Posted: 9 November, 2016 by Newsroom

Australian Dollar Drops As Trump Victory Chances Increase

The Australian dollar and Australian stock market have seen big losses as the US election looks increasingly likely to be won by Donald Trump.

The Australian dollar had reached a six month high of US77.72 cents this morning, but had dropped to 76.60 cents by midday.

"The electoral vote is clearly showing that Trump is in the lead," Naeem Aslam, chief market analyst at Think Markets told Fairfax.

"This night is not going to be short one but things have certainly started to look a lot like Breixt. This reminds us of the Sunderland moment as peso and yen were moving in a different direction earlier, but look at them right now and it appears that you are looking at a completely different derivative," he said.

Forty-seven billion dollars was wiped off the Australian stock market according to Nine News. 

The price of gold jumped by almost $U41 an ounce.

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