US Election: And now we wait…
Americans and the rest of the world have woken up to renewed uncertainty this morning after no clear winner could be announced in the US Presidential election. This, however, did not stop Donald Trump prematurely declaring victory overnight, with a huge number of votes yet to be counted. Markets were pulled in multiple directions late last night and into this morning as the voting results began to filter through and Florida proved an important pivot point for sentiment. Risk appetite fell following the news that the Republicans had retained the vote in Florida, with the US Dollar Index climbing to its highest level since late September. This is because Democrats hoped that winning the Sunshine State would foreshadow a ‘Blue Wave’ of victories nationwide.
With Joe Biden leading 238-213, the election result now hinges on the states of Pennsylvania, Wisconsin, Michigan, Nevada and Georgia, where votes are still being counted. It’s clear that Biden will need to take the majority of these remaining votes, as Trump currently holds a lead in the states of PA (20 votes), GA (16 votes) and MI (16 votes). Heightened volatility is expected as the remaining votes filter through.
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